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marusya05 [52]
2 years ago
12

Hoffman, Inc. adjusts its books each month but closes its books at the end of the year. The trial balance at March 31 before adj

ustments is as follows: Debit Credit Cash $ 10,940 Accounts Receivable 9,640 Supplies 1,320 Prepaid Insurance 3,200 Equipment 27,000 Accumulated Depreciation: Equipment $ 10,800 Unearned Service Revenue 6,600 Capital Stock 5,300 Retained Earnings 23,500 Dividends 1,580 Service Revenue Earned 17,190 Salaries Expense 7,900 Utilities Expense 410 Rent Expense 1,400 $ 63,390 $ 63,390 According to service contracts, $4,830 of the Unearned Service Revenue has been earned in March. The amount of Service Revenue Earned to be reported in the March income statement is:
Business
1 answer:
serious [3.7K]2 years ago
5 0

Answer:

$22,020

Explanation:

Given, (Before Adjustment)

Unearned Service Revenue $6,600

Service revenue $17,190

The adjusting entry to record the expired unearned revenue is

Debit     Unearned Service Revenue     $4,830

Credit          Service revenue                   $4,830

Therefore, the amount of Service Revenue Earned to be reported in the March income statement is as follows:

Service revenue before adjustments              =   $17,190

<u>Unearned Service Revenue earned in March =  $4,830 </u>

Service revenue after adjustment                 = $22,020

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All insurance companies charge the same rate for a given person. True False
GaryK [48]
The answer is false, the price varies between insurauance companies.
7 0
3 years ago
Read 2 more answers
Four years ago, a popular sandwich company used to sell 12-inch roast beef subs for only $5.49, but the same product now sells a
Ainat [17]

Answer:

6.22%

Explanation:

Price of sandwich four years ago, Present value = $5.49

Price of sandwich, Future value = $6.99

It is given that the inflation has been assumed to be constant over these four years.

Inflation rate refers to the rate at which prices of the good increases from the previous level. In a simple language, if there is a rise in the price of the goods then this economy is experiencing a inflation.

Inflation rate:

=(\frac{Future\ value}{Present\ value}) ^{\frac{1}{n} } -1

=(\frac{6.99}{5.49}) ^{\frac{1}{4} } -1

= 1.0622487 - 1

= 0.0622487 or 6.22%

Therefore, the inflation rate is 6.22%

6 0
2 years ago
on january 1, 2021, adams-meneke corporation granted 15 million incentive stock options to division managers, each permitting ho
Bingel [31]

Compensation expense for the stock option plan in 2021, 2022, 2023 are $210 millions, $96 million, $108 million.

Options granted 120 Millions

Multiply: Estimated fair value per option is $ 3

Total Compensation Expense is $ 360 Millions

Divided by: No. of years in vesting period (2021,2022 & 2023) 3 Years

Compensation expense for the stock option plan in 2021. is $ 120 Millions

  •                     <u>Amounts are expressed in millions $.</u>

<u>Date </u>                   <u>General journal </u>                     <u>debit</u>             <u>Credit </u>

31st Dec, 2021 Compensation expense            $ 120

                     Paid in capital – stock options                     $ 120

  • Percentage of option forfeited (100%-10%) = 90%
  • Cumulative Compensation expense Up to Year 2022 (360*90%*2/3) = $ 216

Less: recognized in earlier year is $ 120

Compensation expense For Year 2022 is $ 96

Cumulative Compensation expense Up to Year 2023 (360*90%*3/3)  

                                                                                          = $ 324

Less: recognized in earlier year is $ 216

Compensation expense For Year 2023 is $ 108

  •                        <u>Amounts are expressed in millions $.</u>

<u> Date </u>                     <u>General journal </u>                   <u>debit  </u>         <u>Credit </u>

31st Dec, 2023 Compensation expense           $ 96  

                      Paid in capital – stock options                    $ 96

     

31st Dec, 2023 Compensation expense    $ 108  

                      Paid in capital – stock options                   $ 108

Learn more about Compensation Expense, here

brainly.com/question/27129728

#SPJ4

3 0
1 year ago
"_____ believe(s) that the new global division of three main trading blocks benefits the multinational giants as well as the cit
larisa [96]
The answer is <span>Conflict theorist
</span><span>Conflict theorist Claims that every members in society will have to experiences continous conflict toward one another because of the competition to obtain limited amount of resources.
They tend to see that the majority of members in society will always be dominated/controlled  by smaller amount of people that control the largest amount  of resources.</span>
5 0
3 years ago
For each of the following scenarios, determine if it is an indicator of potential cash flow problems: (Hint: Review Chapter 5 Po
inn [45]

Answer:

a) yes

b) no

c) yes

d) no

Explanation:

a) if the A/R balance grow higher than the sales is an indicator that our collection cycle increase thus, customer extend their financiation providing less cash flow

b) this is the opposite as (a)  here we extend our financing agaist our suppliers. The payment cycle increases thus, decreasing the overall cash demand

c) If the assets were puirchased on cahs a huge amount was used alrady affecting the liquidity of the company.

If the company finance the purchase of the long term assets, in the future the company will have to dedicate a portion of their future cahs flow to pay up interest and principal which is what we should analize; wether or not the company will have difficulties in the future and the answer is yesin both scenarios.

d) no. It will not, as marketable securities are generally short-term and easily converted into cash in the short term. They do not generate cash flow problems in the long run as the company can sale them anytime to obtain cash.

6 0
3 years ago
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