The unearned consulting revenues are liabilities. A liability, in accounting terms, is an obligation and is found in the balance sheets of companies or businesses. When a company does transactions with other individuals or companies usually they owe amounts to creditors for the goods or services the company acquires. In another sense, a liability is a source of the company’s assets. They can also be considered as claims against the company’s assets. A liability may also include those amounts received by the company in advance of future services. Liabilities include accounts payable, notes payable, salaries payable, interest payable, bonds payable, accrued expenses payable, etc. Their normal balance is credit.
Answer:
$205,592
Explanation:
Interest cost is the Present Value of this $ 20,000 annuity streams at time zero i.e. ( Year 2022
Value of annuity stream = $ 20,000 x 11.11839
Present Value of annuity streams at 2015 =$ 222,367.80
Discount Factor for 2017 = (1.04)-2 = 0.92456
Present Value at 2022= $ 222,367.80 x 0.92456
Service Cost= $ 205,592
Answer:
1.23
Explanation:
Inventory turnover is a ratio showing how many times a company has sold and replaced inventory during a given period.
Cost of Sales=Opening Inventory+Purchases-Closing Inventory
=5,500+4,000-3,800= 5,700
Average Inventory= Opening + Closing/2
= 5,500+3,800/2= 4,650
Inventory Turnover Ratio= <u>Cost of Sales</u>
Avg Inventory
= 5,700/4,650=1.23
Both y and x is the correct answer