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Ymorist [56]
3 years ago
9

Wildhorse Co. Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During

November 2017, Wildhorse sells 7,380 subscriptions for cash, beginning with the December issue. Wildhorse prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. The company has a December 31 year-end.
Required:
1. Prepare the entry in November for the receipt of the subscriptions.
2. Prepare the adjusting entry at December 31, 2017, to record subscription revenue in December 2017.
Business
1 answer:
posledela3 years ago
6 0

Answer:

1. Prepare the entry in November for the receipt of the subscriptions.

November 30, 2017

Dr Cash 147,600

    Cr Unearned subscription revenue 147,600

Unearned subscription revenue = $20 x 7,380 = $147,600

2. Prepare the adjusting entry at December 31, 2017, to record subscription revenue in December 2017.

Dr Unearned subscription revenue 12,300

    Cr Subscription revenue 12,300

Subscription revenue = $147,600 / 12 months (only December) = $12,300

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Tom Gettback buys 100 shares of Jobnson Walker stock for $87.00. per share and a 3-mont Johnson Walker put option with an exerci
Bad White [126]

Answer:

b. $200 loss is the correct option

Explanation:

=100*(105-87)+(MAX(105-105,0)-20)*100

=-200

7 0
3 years ago
Activity Levels and Cost Drivers Shroeder Machine Shop has the following activities:
zepelin [54]

Answer:

a. Machine Operation

Unit level, No. of units produced

b. Machine setup

Batch level, No. of batch setup

c. Production scheduling

Batch level, No. of batch setup

d. Material receiving

Unit level, Unit of material used in production of a single unit

e. Research and development

Facility level, Research done and used in development

f. Machine maintenance

Unit level, No. of units made

g. Product design

Product level, Changed product designs

h. Parts administration

Facility level, No. of parts changed

i. Final inspection of a sample of products

Batch level, No. of batched inspected

j. Materials handling

Facility level, Quantity of raw material handled

Explanation:

a. Machine Operation

Unit level, No. of units produced

b. Machine setup

Batch level, No. of batch setup

c. Production scheduling

Batch level, No. of batch setup

d. Material receiving

Unit level, Unit of material used in production of a single unit

e. Research and development

Facility level, Research done and used in development

f. Machine maintenance

Unit level, No. of units made

g. Product design

Product level, Changed product designs

h. Parts administration

Facility level, No. of parts changed

i. Final inspection of a sample of products

Batch level, No. of batched inspected

j. Materials handling

Facility level, Quantity of raw material handled

5 0
3 years ago
Monitor Muffler sells franchise arrangements throughout the United States and Canada. Under a franchise agreement, Monitor recei
Sliva [168]

Answer:

1. $163,800

2. Dr Cash $ 89,000

Dr Notes receivable $ 671,000

Cr Deferred revenue $ 760,000

3. $ 607,120

Explanation:

1. Computation of the amount that Monitor would calculate as the stand-alone selling price

Total amount of franchise agreement $760,000

Less: stand-alone selling price of training $ (18,200)

Less: stand-alone selling price of building and equip $ (578,000)

Stand-alone selling price of five-year right $163,800

2. Preparation of journal entry that Monitor would record on July 1, 2016,

Dr Cash $ 89,000

Dr Notes receivable $ 671,000

(760,000-89,000)

Cr Deferred revenue $ 760,000

3. Calculation for the amount of revenue that Monitor would recognize in the year ended December 31, 2016,

Revenue to be recognised on:

1st Sep 2021:

Training $ 18,200

Building and Equipment sale $ 578,000

31st Dec 2021:

$163,800/60 Months*4 Months $ 10,920

Total Revenue to be recognized $ 607,120

Note that five-year will give us 60 months (5*12months and September to December will give us 4 months

6 0
3 years ago
As Accenture explores an end-to-end business flow that has reconciliation between multiple parties, what would we uncover?
bonufazy [111]

Answer:

Transparency

Explanation:

Transparency as regards Businesses can be explained as process involving been honest as well as open and straightforward about activities involving company operations.

It should be noted that Transparency could be uncovered As Accenture explores an end-to-end business flow that has reconciliation between multiple parties.

5 0
3 years ago
what is a highly coordinated activity that delivers goods and/or services when they are needed? multiple choice just-in-time pro
Julli [10]

Just-in-time production is a highly coordinated activity that delivers goods or services when they are needed.

Just-in-time management is a philosophy, not a method. If the "customer" is the eventual consumer of the product or a process further along the production line, the term originally referred to the manufacturing of goods to precisely fulfill customer demand in time, quality, and quantity.

By minimising the time and resources needed for production operations, JIT increases productivity. More rapid product production is possible thanks to manufacturers.

This simplified strategy can save costs and boost productivity while things are going as usual, but it is vulnerable to changes in supply and demand. JIT production can make manufacturers unable to meet demand when global supply networks are interrupted for a variety of reasons, deepening an economic downturn.

To know more about just-in-time production refer to the given link:

brainly.com/question/28865388?referrer=searchResults

#SPJ4

6 0
1 year ago
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