Answer:
The answer is:
Dr Unearned Service Revenue 4,800
Cr Service Revenue 4,800
Explanation:
Since Laferty completed 60% of the landscape plan during this year, they should record $4,800 as earned revenue ($8,000 x 60%), while the remaining $3,200 should stay as unearned revenue. The journal entries should be as follows:
Dr Unearned Service Revenue 4,800
Cr Service Revenue 4,800
<span>Clarion should expect to recognize interest revenue on their CD both on December 31st 2015 and May 1st 2016. They will receive it in December thanks to end of your returns and then it will pay out its full amount 6 months from the purchase date which is on May 1st of 2016.</span>
Answer:
Date Account Title Debit Credit
May 7 Materials $9,600
Accounts Payable $9,600
<u>Working:</u>
= Units purchased * cost per unit
= 640 * 15
= $9,600
As the goods were purchased on account, they will be sent to accounts payable. Materials are assets so they will be debited when acquired.
Answer:
d.income statement immediately after income from continuing operations.
Explanation:
We should look at what the accounting principles and normatives threatment suggest.
As the firm should firm indicate the resulf the going business the discontinued operation should be disclosure separately from it. Thus, once complete the disclosure of the continued operation the firm should post the loss on this discontinued operation
Answer:
Option A
Explanation:
Although goodwill is the difference between the consideration transferred by the acquirer to the acquiree it is not the fair value of the identifiable assets acquired rather it is the fair value of the net assets acquired.
The difference is fair value of identifiable assets is the value of the assets at some point of time which is expected to provide some future benefits.
The fair value of the net assets acquired is the total of the fair value of net assets minus liabilities.