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
erma4kov [3.2K]
2 years ago
14

Athens Delivery Service is hired on October 31, 2018 to perform services, beginning on November 1, 2018. The delivery services w

ill be performed for six months at a rate of $3300 per month. Athens' fiscal year ends on December 31. What amount of service revenue should be recorded as an adjusting entry on December 31, 2018?
Business
1 answer:
solmaris [256]2 years ago
7 0
  1. Answer: $6600  Explanation: Athens' entered into a contract to deliver services from November 1. This contract is valid for 6 months. Their fiscal year ends on December 31. This means that only 2 months worth of services will be delivered in 2018. Even if Athens received cash for the full 6 months they can only record the revenue when they have fulfilled the obligations and rendered the service.  Because only 2 months were rendered in 2018, they can only record $6600 ($3300 × 2 months) in the 2018 fiscal year. The outstanding 4 months' balance will remain in income received in advance account until these 4 months' services are actually rendered and the obligation is fulfilled by Athens.
You might be interested in
The profit earned from the sale of stock that has increased in value is known as
schepotkina [342]

Answer:

a capital gain . that is c

3 0
3 years ago
Read 2 more answers
Suppose the monopolist is thinking about charging men a 10% higher price. if the monopolist does so, the quantity demanded by me
vovikov84 [41]
It would not fall at all. Monopolists own the entire industry meaning the consumers have no alternatives. If they have no alternative they have no choice but to buy even if the price increases
5 0
3 years ago
The issuance of notes payable for borrowing is classified in the statement of cash flows as a(n): Multiple Choice Operating acti
Harman [31]

The transaction of the issuance of notes payable for borrowing will be classified in cash flows statement as a Financing activities.

Under the statement of Cash-flow, the financing activities section records all transactions that involves long-term liabilities, owner's equity etc.

  • Hence, the transaction of the issuance of notes payable for borrowing will be classified in cash flows statement as a Financing activities.

Therefore, the Option C is correct.

Read more about Cash-flow

<em>brainly.com/question/735261</em>

8 0
2 years ago
The following events took place at a manufacturing company for the current year:(1) Purchased $95,000 in direct materials.(2) In
Rom4ik [11]

Answer:

D $88410

Explanation:

Work in progress includes all the raw materials, direct labour and conversion costs incurred so far excluding cost of goods sold .

WIP= Intial WIP +Manufacturing costs incurred- Cost of goods sold.

The WIP inventory at the begining of the period is given as nil.

WIP during the period = (95000*80%)+56000+13600+107000

=252600(but it was given that 65% of the Process was completedi.e., finished goodswhich are not the part of the WIP inventory ; hence the remaining 35% is the Work in process inventory)

=$ 88410.

Further the remaining raw material 20% = 95000*20% shall not comprise a part of the WIP as it has not been brought into process itself , it shall lie in raw materials inventory itself.It shall be counted into the WIP once it is brought into the manufacturing assembly line.

3 0
3 years ago
Read 2 more answers
The u.s. dollar exchange rate increased from ​$0.960.96 canadian in june 2011june 2011 to ​$1.031.03 canadian in june 2012june 2
Artemon [7]
Given that <span>the U.S. dollar exchange rate increased from $0.96 Canadian in June 2011 to ​$1.03 Canadian in June 2012​, and it decreased from 81 Japanese Yen in June 2011 to 78 Japanese Yen in June 2012.

Between June 2011 and June 2012​, the U.S. dollar​ appreciated against the Canadian dollar.

Between June 2011 and June 2012​, the U.S. dollar​ depreciated against the Japanese Yen.</span>
8 0
3 years ago
Other questions:
  • Domestic market centers are geographical areas that sell household linens.
    13·1 answer
  • Market segments are Multiple Choice all buyers of a product or service who have previously purchased a particular firm's product
    6·1 answer
  • According to the textbook, the number one reason that people become entrepreneurs is to:A) realize financial rewardsB) gain pres
    9·1 answer
  • Praetorian Industries will pay a dividend of $2.50 per share this year and has an equity cost ofcapital of 8%. Praetorianʹs stoc
    10·1 answer
  • When using the accounting equation, recording the purchase of equipment for cash would include an increase to the (Cash/Equipmen
    12·1 answer
  • In order to find the future worth, F, from a present amount, P, 5 years from now at an interest rate of 6 % per year, compounded
    6·1 answer
  • She figures out that her fixed costs will be $7,500 and her unit variable costs are $2 per raft. She plans to rent all 2,500 raf
    15·1 answer
  • Reginald owns a grocery and his clerks are on strike. Reginald is trying to operate the store with the help of his manager, but
    12·1 answer
  • Jeff wants to ship a small order to his friend he places to order by phone and his package is delivered the same day which wareh
    5·1 answer
  • Technology has made it possible for software to replace that
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!