when a company has performed a service but has not yet recieved payment,what is the required journal entry to be recorded

The primary purpose of a career assessment test is to

ser-zykov [4K]

<span>Suggest careers for which the subject might be well suited.</span>

6 0

2 years ago

There is a 4 percent error rate at a specific point in the production process. If an inspector is placed at this point, all the

Vsevolod [243]

<u>Solution and Explanation:</u>

The given data is as follows:

Error rate = 4%, per hour payment of inspector = $8, inspection of units = at the rate of 49 per hour, cost = $9 per unit

The problem can be solved as considering an opportunity to have an improvement of 4% in the quality.

In case inspector is not hired then it will cost .04 multiply 9= $.3.6 per unit and in case the inspector is hired it will cost $ 0.163 approx.(8 divided by 49).

Therefore, on comparison, it is recommended to hire the inspector.

8 0

2 years ago

Insurance is a financial service that allows a

ddd [48]

<span>consumer to share liability with a company.</span>

5 0

2 years ago

Read 2 more answers

During fiscal 2016, Shoe Productions recorded inventory purchases on credit of $337.8 million. The financial statement effect of

iren2701 [21]

Answer:

A. Increase liabilities (Accounts payable) by $337.8 million

Explanation:

The journal entry will be: Inventory (Credit - Increased) 337,860,000 and Accounts payable (Debit - Increased) 337,860,000.

The company must recognize the increase in the Inventory and the medium of payment (Accounts payable).

B is false because this operationn can also be a decrease in cash, but the amount in the operation is too high for this payment medium.

C is false because, the inventory is not sold, and COSG will be increased when the goods are sold.

D is also false because the inventory is increasing, not decreasing.

6 0

2 years ago

Carol Thomas will pay out $14,000 at the end of the year 2, $16,000 at the end of year 3, and receive $18,000 at the end of year

Fittoniya [83]

The net value of the payments vs. receipts in today's dollars is ($11,102).

<h3>What is the present value?</h3>

The present value of future cash flows is the current value or the value in today's dollars. It is computed by discounting the future values at the appropriate discount rate.

The present value can be computed using the Present Value formula, an online finance calculator, or the PV factor table.

Formula

PV=FV \frac{1}{(1+r)^{n}}

PV = present value

FV = future value

r = rate of return

{n} = number of periods

<h3>Data and Calculations:</h3>

Interest rate = 12%

Period Cash flow PV Factor PV

Year 2 ($14,000) 0.797 -$11,158 ($14,000 x 0.797)

Year 3 ($16,000) 0.712 -$11,392 ($16,000 x 0.712)

Year 4 $18,000 0.636 $11,448 ($18,000 x 0.636)

Net present value of cash flows -$11,102

Thus, the net value of the payments vs. receipts in today's dollars is ($11,102).

Learn more about present value at brainly.com/question/20813161

4 0

1 year ago