1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
loris [4]
4 years ago
11

Felton Co. sells major household appliance service contracts for cash. The service contracts are for a 1-year, 2-year, or 3-year

period. Cash receipts from contracts are credited to unearned service contract revenues. This account had a balance of $480,000 at December 31, 2009 before year-end adjustment. Service contract costs are charged as incurred to the service contract expense account, which had a balance of $120,000 at December 31, 2009. Outstanding service contracts at December 31, 2009 expire as follows:
During 2010 During 2011 During 2012
$100,000 $160,000 $70,000
What amount should be reported as unearned service contract revenues in Felton's December 31, 2009 balance sheet?
Business
1 answer:
tia_tia [17]4 years ago
7 0

Answer:

Unearned Service Contracts Revenue = $330,000

Explanation:

Unearned Service Contracts Revenue refers to the expected revenue from a contracts been carried and has yet been paid.

Unearned Service Contracts Revenue for 2010 = $100,000, for 2011 = $160,000 and for 2012 = $70,000

Unearned Service Contracts Revenue = $100,000 + $160,000 + $70,000

Unearned Service Contracts Revenue = $330,000

You might be interested in
How are present values affected by changes in interest rates? A. The lower the interest rate, the larger the present value will
arsen [322]

Answer: Option A

                       

Explanation: In simple words, present value refers to the value of future cash flows in the present time in respect to monetary terms. It is calculated by discounting back the future cash flows with the current interest rate in the market.

Thus, if the interest rate declines in the market the value will be greater as the discounting factor will be smaller.

Hence the correct option is A .

4 0
3 years ago
When a company implements its monthly S&OP process, the process should begin with: a. Developing and specifying the constrai
Kazeer [188]

Answer:

The answer is b. Determining the business planning vs financial objectives

Explanation:

Financial performance for the previous month is consolidated to provide inputs for analyzing the current month’s S&OP cycle. Actual costs are compared with budgets and forecasts to analyze forecast accuracy over a rolling time frame.

7 0
3 years ago
1. Starting a business works best when you are young. True or False?
salantis [7]

#1 True

#2 differentiation

#3- To invest money in the business

7 0
3 years ago
Read 2 more answers
How do fixed costs per unit​ behave?
ipn [44]
83974875687168756574150674564736%
7 0
4 years ago
WaterwayCorporation had net credit sales of $13100000 and cost of goods sold of $9070000 for the year. The average inventory for
Kaylis [27]

Answer:

The inventory turnover for the period is 5

Explanation:

Inventory turnover is the ratio which stated that how many times the company replaces as well as sells the stock of goods during a specific year or period.

The formula for computing the inventory turnover is as:

Inventory turnover = Cost of goods sold / Average inventory

where

Cost of goods sold (COGS) = $9,070,000

Average inventory = $1,814,000

Putting the values above:

Inventory turnover = $9,070,000 / $1,814,000

Inventory turnover = 5

4 0
3 years ago
Other questions:
  • Price Company assigns overhead based on machine hours. The Milling Department logs 1,800 machine hours and Cutting Department sh
    11·1 answer
  • Below are the account balances for Cowboy Law Firm at the end of December. Accounts Balances Cash $ 4,600 Salaries expense 1,800
    10·1 answer
  • U.s. government transfer payments that depend on the income of the recipient are known as
    13·1 answer
  • What is a brand promise?
    15·1 answer
  • In comparing the current ratios of two companies, why is it invalid to assume that the company with the higher current ratio is
    6·1 answer
  • ReVitalAde produced 13,000 cases of powdered drink mix and sold 12,000 cases in April 2018. The sales price was $ 29​, variable
    5·1 answer
  • In practice, a common way to value a share of stock when a company pays dividends is to value the dividends over the next five y
    15·1 answer
  • Miniaturization of Wisynco sales?
    7·1 answer
  • What are fixed expenses?
    11·2 answers
  • Sergio has decided to diversify his investments in the following way: $4,000 in an account earning 3. 2% simple interest $4,000
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!