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11111nata11111 [884]
3 years ago
9

The following transactions occurred during July:1. Received $1,200 cash for services performed during July.2. Received $6,400 ca

sh from the issuance of common stock to owners.3. Received $600 from a customer as payment for services performed during June.4. Billed $4,100 to customers for services performed on account in July.5. Borrowed $2,900 from the bank and signed a promissory note.6. Received $1,600 from a customer for services to be performed during August.What is the amount of revenue that will be reported on the income statement for the month ended July 31?This question was already posted but the response was answered in a manner in which could not be read and half the response was cut off. Please post within the limits of the space we are given so the work can be read.
Business
1 answer:
nikklg [1K]3 years ago
7 0

Answer:

The amount of revenue that will be reported on the income statement for the month ended July 31 is equal to $5,300.

Explanation:

The applicable accounting concept here is accrual concept.

Accrual concept states that revenue is recognized when it is earned and expenses are also recognized when they are incured no matter when cash is received or paid.

Based on the accrual concept, only transactions 1 and 4 will be used in calculating the amount of revenue for July as follows:

July revenue = Cash received for services performed during July + Billing of customers for services performed on account in July = $1,200 + $4,100 = $5,300

Therefore, the amount of revenue that will be reported on the income statement for the month ended July 31 is equal to $5,300.

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On January 1, 2012, Cale Corp. paid $1,020,000 to acquire Kaltop Co. Kaltop maintained separate incorporation. Cale used the equ
malfutka [58]

Answer:

The correct option is D) $127,000.

Explanation:

Note: This question is not complete. The complete question is therefore provided before answering the question as follows:

On January 1, 2012, Cale Corp. paid $1,020,000 to acquire Kaltop Co. Kaltop maintained separate incorporation. Cale used the equity method to account for the investment. The following information is available for Kaltop's assets, liabilities, and stockholders' equity accounts on January 1, 2012:

                                          Book  Value        Fair Value

Current assets                      $120,000          $120,000

Land                                           72,000           192,000

Building (20yr life)                  240,000           268,000

Equipment (10yr life)               540,000            516,000

Current Liabilities                      24,000             24,000

Long-term Liabilities                120,000           120,000

Common Stock                       228,000

Additional Paid-in Capital       384,000

Retained Earnings                   216,000

Kaltop earned net income for 2012 of $126,000 and paid dividends of $48,000 during the year.

In Cale's accounting records, what amount would appear on December 31, 2012 for equity in subsidiary earnings?

A) $ 77,000.

B) $ 79,000.

C) $125,000.

D) $127,000.

E) $ 81,800.

The explanation of the answer is now provided as follows:

Total amortization of allocations for 2012 = ((Building fair value – Building book value) / 20 year) + ((Equipment fair value - Equipment book value) / 10 years) = (($268,000 - $240,000) / 20) + (($516,000 - $540,000) / 10) = -$1,000

Amount for equity in subsidiary earnings on December 31, 2012 = Kaltop earned net income for 2012 - Total amortization of allocations for 2012 = $126,000 - (-$1,000) = $126,000 + $1,000 = $127,000

The amount that would appear on December 31, 2012 for equity in subsidiary earnings is $127,000. Therefore, the correct option is D) $127,000.

4 0
2 years ago
Which type of market research data is Roland about to analyze? Roland works as a researcher for his manufacturing firm. He has c
lozanna [386]

Answer:

Roland works as a researcher for his manufacturing firm. He has conducted primary research to collect relevant market research data that will help his firm. He decided to use mathematical and statistical tools to analyze the data because the data is in nature.

Roland is about to analyze primary market research data.

Explanation:

Primary data are always in a state of nature.  Primary data are collected by Roland before analysis are from first-hand or primary sources.  For Roland to acquire the data, he must use primary research methods like surveys, interviews, or experiments. Because primary data are acquired with the research project in mind and directly from primary sources, they are contrasted with secondary data.  Secondary data were acquired by some other researchers and used in their analyses before being collected by another researcher as a basis for research continuation.

8 0
2 years ago
What is from utility
ella [17]

Explanation:

Refers to how well a product or service meets the customer's needs

3 0
3 years ago
Maldonia has a comparative advantage in the production of sugar , while desonia has a comparative advantage in the production of
steposvetlana [31]
Maldonia must give up 8 units of TEA to get 16 units of lemons, while Desonia must give up 8 units of tea to get 4 get units of lemons. Hence the opportunity cost of productivity are units of lemon for Maldonia -0.5y(-8/16), and for Desonia it is -2y(-8/4).This means Maldonia has comparative advantage in producing lemon and Desonia has comparative advantage in tea.
6 0
3 years ago
What term describes the relationship between the flow rate and the capacity of each labor resource that works in a process
maks197457 [2]

The reciprocals of one another is the term that describes the relationship between the flow rate and the capacity of each labor resource that works in a process.

<h3>What is a flow rate in production?</h3>

Its means the amount of flow units such as a customers, money, goods going through the business process per unit time.

Hence, the flow rate and capacity of each labor resource are reciprocal because they work together in a process unit.

Read more about flow rate

<em>brainly.com/question/24356835</em>

3 0
1 year ago
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