Answer:
c. Accrue revenue by making an adjusting entry at the end of the period
Explanation:
As in the given situation since it is mentioned that the service is earned but not yet billed or collected so here the revenue is accrued so that the revenue could be recorded by recording the adjusting entry and there is an account receivable at the closing of the period.
Therefore according to the given options, the option c is correct and the same is to be considered
Due to the greatest cost of goods sold, the LIFO (Last In Last Out) technique displays the lowest net profitability. Compared to the other techniques of inventory valuation, the cost of goods sold for the LIFO approach is the greatest.
<h3>Which technique of inventory valuation will result in the lowest net profit?</h3>
The application of LIFO will produce the lowest net income and the greatest estimated cost of goods sold among the three options during periods of inflation.
<h3>Which method of inventory has the lowest income tax rate?</h3>
LIFO is the inventory cost flow method that yields the lowest income tax liability. A form of inventory cost flow mechanism called last-in-first-out (LIFO) operates under the presumption that the last item acquired will be the first item to be sold.
<h3>In an era of inflation, which inventory method results in the lowest income tax?</h3>
Due to increasing COGS, LIFO leads to reduced net income (and taxes). However, under LIFO during inflation, there are fewer inventory write-downs. Results from average cost are in the middle of FIFO and LIFO.
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Answer:
$239,900
Explanation:
Cash Flows from Operating Activities section
Particulars Amount
Net income $225,000
Add Depreciation expenses $25,000
Less Gain on disposal of equipment $20,500
Add Decrease in accounts receivables $14,000
Less Decrease in accounts payable <u>$3,600 </u>
Net cash flow from operating activities <u>$239,900</u>
Answer:
There was no contract since there was no mutual agreement on the shipping company.
Explanation:
For a contract to be enforceable, it is necessary to have proper offer and acceptance by the two parties. In this case, Strike made an offer and Bailey accepted the stated price but added that the shipping has to be done by Yellow Express Truck Line and not Dependable Truck. Since there was no agreement reached on the shipping company by both the parties, the contract isn't enforceable.
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