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3 years ago

At the end of the current year, $12,040 of fees have been earned but have not been billed to clients.

Business

1 answer:

PSYCHO15rus [73]3 years ago

4 0

Answer:

Date Account Title Debit Credit

XX-XX-XXX Accounts Receivable $12,040

Fees earned $12,040

b. No it would not have been.

If using the cash basis, the revenue would only be recognized when the cash is paid to the company. As the cash has not been paid, there would be no need to adjust for the revenue in the present period.

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Beck Company has inventory of $725,000 in its stores as of December 31. It also has two shipments in transit that left the sup

FrozenT [24]

Answer:

Total Inventory $899,000

Explanation:

Inventory at hand $725,000

Inventory in transit $102,000

Inventory in consignation $72,000

Total Inventory $899,000

Notice:

The first cargo is under term FOB destination, which means the goods are still property of the seller, so are not part of Beck company's yet.

While the second cargo is fob shipping point, Beck assume possesion of the gods as soon as they enter the dock.

3 0

4 years ago

On the date of purchase, Skywalker's inventory and buildings and equipment had fair values of $255,000 and $870,000, respectivel

Whitepunk [10]

Answer:

Inventory to be shown in balance sheet = $955000

Explanation:

According to the given data:

Fair value of Skywalker’s inventory = $255000

Fair value of Skywalker’s buildings and equipment is = $870000

Calculation of amount to be reported for inventory in consolidated balance sheet is as follows:

Inventory = ($700000 + $255000)

= $955000

Note: Inventory of parent company and subsidiary company is to be added in preparing consolidated balance sheet

7 0

3 years ago

Linnea contracts to buy Harriette's farm for $300,000 and puts $20,000 down. Then Linnea learns she is allergic to hay and repud

denpristay [2]

Answer:

B) keep $10,000 of Linnea's down payment.

Explanation:

Since Linnea repudiated the contract, it is considered a breach. Therefore, Harriette is entitled to compensatory damages for the breach of the contract. Compensatory damages only cover the lost revenue from the contract, so if Harriette was able to sell her farm and only lost $10,000 due to Linnea's breach, then she must return the difference = $20,000 - $10,000 (lost) = $10,000.

8 0

3 years ago

The investment decisions of many traders on wall street in the early 2000s led to the downfall of several investment companies,

marshall27 [118]

The correct answer is e, controlling.
Controlling in managerial function is defined as the efforts, systematically, by which is given by the business management in order to be able to compare the performance made to the plans, standards or objective by means of determining if it is in lined with the order or if there are changes needed to be made.

3 0

3 years ago

Read 2 more answers

At point A on a demand curve, price is $10 and quantity demanded is 100. At point B, price is $12 and quantity demanded is 80. W

Jet001 [13]

Answer:

Price elasticity of demand is -1

Explanation:

Price elasticity of demand is defined as the degree of responsiveness of quantity demanded to changes in the price of a product. It is calculated by finding ratio of percentage change in demand to percentage change in price.

Percentage change in demand= (80-100)/100= -20/100

Percentage change in demand= -0.2

Percentage change in price= (12-10)/10

Percentage change in price= 2/10= 0.2

Elasticity= Percetage change in quantity demanded/ percentage change in price

Elasticity= -0.2/0.2= -1

5 0

3 years ago