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igor_vitrenko [27]
3 years ago
8

Once a company has located several vendors, the next step in the purchasing process is to

Business
2 answers:
jarptica [38.1K]3 years ago
4 0

Answer:

D

Explanation:

jeka57 [31]3 years ago
4 0

Answer:

D. compare the vendors is the correct answer.

Explanation:

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For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31
Vadim26 [7]

Answer:

1. Assume no other adjusting entries are made during the year a. Tao Co. receives $10,000 cash in advance for four months of legal services on October 1, 2017, and records it by debiting Cash and crediting Unearned Revenue both for $10,000. It is now December 31, 2017, and Tao has provided legal services as planned. hat adjusting entry should Tao make to account for the work performed from October 1 through December 31, 2017?

Step 1: Unearned Revenue has a credit balance of $10,000

Step 2: Unearned Revenue should have a credit balance of $2,500 only.

Step 3: Adjusting Journal Entry:

Debit Unearned Revenue $7,500

Credit Service Revenue $7,500

To record revenue for services performed to December 31, 2017.

2.  Caden started a new publication called Contest News. Its sub subscriber, Caden debits Cash and credits Unearned Subscription Revenue for the amounts received. The company has 100 new subscribers as of July 1, 2017. It sends Contest News to each of these subscribers every month from July through December Assume no changes in subscribers, prepare the journal entry that Caden must make as of December 31, 2017, to adjust the Subscription Revenue account and the Unearned Subscription Revenue account pay $24 to receive 12 monthly issues.

Step 1: Unearned Subscription Revenue has a credit balance of $2,400

Step 2: Unearned Subscription Revenue should have a credit balance of only $1,200.

Step 3: Adjusting Journal Entry:

Debit Unearned Subscription Revenue $1,200

Credit Subscription Revenue $1,200

To record subscription revenue for services performed to December 31, 2017.

Explanation:

Tao Co and Caden follow the three-step process of adjusting unearned revenue liability accounts at year-end.  The purpose of the steps is to ensure that correct amounts remain as balances in the unearned revenue accounts.  The steps also help to adjust the Earned Revenue account to its proper amount in recognition of goods or services provided in accordance with the accrual concept and the matching principle of generally accepted accounting principles.

8 0
3 years ago
The following information relates to Sheridan Company for the year 2022.
aliina [53]

Answer:

a. Computation of net income

Particulars                                      Amount

Service revenue                            $52,500

Less: Expenses

Salaries and wages expenses      ($23,520)

Utilities expense                             ($2,600)

Rent expense                                  ($8,740)

Advertising expense                      <u> ($1,510)</u>

Net Income                                      <u>$16,130</u>

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b. Computation of comprehensive income statement

Particulars                                            Amount

Net Income                                           $16,130

Add: Other Comprehensive Income  <u> $380    </u>

Comprehensive Income                      <u>$16,470</u>

Note: Dividend will not be included as it forms part of Income statement

5 0
3 years ago
Ryan wants to work in a factory as a machine operator. What is a basic requirement for this job?
natka813 [3]

knowing how to work with heavy machinery


7 0
3 years ago
Good strategy combined with good strategy execution: Select one: a. Offers a guarantee for avoiding periods of weak financial pe
Pachacha [2.7K]

Answer:

d. Are the most trustworthy signs of good management

Explanation:

The strategy refers to the planning through which the company could able to accomplish its goals and objectives within the prescribed time set by the company

The goods strategy mostly achieved the company targets within the standard time set by the company. And if the combination of both the good strategy and execution of the good strategy leads to the sign of good management i.e become trustworthy.

hence, the last option is correct

4 0
3 years ago
Suppose a company selling in various country markets makes statements such as "we know what the customer wants, and he or she wi
Iteru [2.4K]

Answer:

Ethnocentric

Explanation:

Ethnocentric pricing strategy requires for the price of a specific merchandise to be similar all over the world. When this method is practised by an organization, it renounces some prospects to set higher prices in nations where an inferior pricing is required.

7 0
3 years ago
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