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2 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]2 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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The actual variable cost of goods sold for a product was $140 per unit, while the planned variable cost of goods sold was $136 p

kozerog [31]

Answer:

$326,400 is the variable cost quantity factor while $56,000 is the unit cost factor

Explanation:

The variable cost quantity factor is a measure of the difference between the planned and actual units multiplied by planned variable cost.

That is Variable Cost quantity factor = (planned units - actual units sold) x planned variable cost

= (14000-2400) - 14000) x $136

= (11600 - 14000) x $136

= -$326,400

Unit Cost factor = $(140 - 136) x 14000 units

=$56,000

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2 years ago

Read 2 more answers

Presented below are the basic assumptions and principles underlying financial statements. a. Historical cost principle d. Going

dimulka [17.4K]

Answer:

1. Periodicity assumption.

2. Going concern assumption.

3. Historical cost principle.

4. Economic entity assumption.

5. Full disclosure principle.

6. Monetary unit assumption.

Explanation:

1. Periodicity assumption: The economic life of a business can be divided into artificial time periods. It is also known as the Time period assumption.

2. Going concern assumption: The business will continue in operation long enough to carry out its existing objectives.

3. Historical cost principle: Assets should be recorded at their acquisition cost.

4. Economic entity assumption: Economic events can be identified with a particular unit of accountability.

5. Full disclosure principle: Circumstances and events that could make a difference to financial statement users should be disclosed.

6. Monetary unit assumption: Only transaction data that can be expressed in terms of money should be included in the accounting records.

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2 years ago

Marquis has a gross pay of $816. By how much will his gross pay be reduced if Marquis has the following items withheld? federal

andre [41]

Gross pay is the amount of income before taxes and deductions. The amount by which the gross pay is reduced is $174.66.

<h3>What is gross pay?</h3>

The gross pay is the amount of salary or wages that is before the taxes or other deductions. The expense of tax and deductions are subtracted from the gross pay to calculate the net pay.

The gross pay of Marquis in the given question is $816. His gross pay will be reduced by the taxes to calculate the net pay.

The amount of reduction will be the sum of all the taxes levied such as federal tax, social security tax, and so on.

Therefore the amount by which the gross pay will be reduced is:

$\begin{aligned} \rm Federal\: tax &= \$92\\\\\rm Social\: security\: tax (\$816\times 6.2\%) &= \$50.592\\\\\rm Medicare\:tax (\$816\times 1.45\%) &= \$11.832\\\\\rm \end$

The state tax is calculated as a percentage of federal tax. The state tax is:

$\rm State \:tax (\$92\times 22\%) &= \$20.24\\$

Therefore the total amount of reduction is:

$\rm Total\:amount\:of\:reduction = \$92 + \$\$50.592 + \$11.832 +\$20.24\\\\\rm Total\:amount\:of\:reduction = \$174.664$

Hence, the correct option is d.

Learn more about gross pay here:

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2 years ago

A study is being done to test the effects of habitat space on the size of fish populations. aquariums of various sizes are set u

vovangra [49]

The independent variable is the size of the aquarium and the dependent variable is the size of the fish population. All other variables in this scenario are held constant. Dependent variables are aspects that the researcher deliberately changes to see what will result from the change. If the food, water temperature and cleanliness are the same and the size of the aquariums is different, that makes aquarium size the independent variable.

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3 years ago

(True/False) An employee code of conduct will list illegal behaviors, but it will not list unethical behaviors.

Vikentia [17]

Answer:

False

Explanation:

An employee code of conduct is a legal document that provides guidelines on acceptable behaviours of individuals in an organisation.

It contains what is deemed illegal, values and ethical conducts

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3 years ago