Answer:
June 1 2020
No entry
September 1, 2020
Dr Cash $1,980
Dr Accounts receivable $300
Cr Sales revenue $1,730
Cr Unearned sales revenue $550
September 1, 2020
Dr Cost of goods sold $1,140
Cr Inventory $1,140
October 15 2020
Dr Cash $300
Dr Unearned service revenue $550
Cr Accounts receivable $300
Cr Service Revenue $550
Explanation:
Preparation of the journal entries for Geraths in 2020
June 1 2020
No entry
September 1, 2020
Dr Cash $1,980
Dr Accounts receivable $300
($1,730+$550+$1,980)
Cr Sales revenue $1,730
($1,980/$2,610*$2,280)
($1,980+$630=$2,610)
Cr Unearned sales revenue $550 ($630/$2,610*$2,280)
September 1, 2020
Dr Cost of goods sold $1,140
Cr Inventory $1,140
October 15 2020
Dr Cash $300
Dr Unearned service revenue $550
Cr Accounts receivable $300
Cr Service Revenue $550
Answer: B) employee’s compensation.
The income approach to measure gross domestic product or GDP starts with the income earned (wages plus plus rents plus interest plus profits) from the production of goods and services.
Based on the income-based method of calculating GDP, income or wages earned by Joe and Michelle for being partners can be categorized under B) employee’s compensation.
Answer:
Owner owes Builder : B. $2,000.
Explanation:
A Liability is the present obligation of the entity, that arises as a result of past events, the settlement of which is expected to result in a cash outflow from the entity.
Initially, the Owners owes the Builder $,1500
For the fence to be completed on time, an addition of $500 was owed, upon the owner accepting this arrangement.
Thus, the total obligation owing to the Builder is $2,000.
Answer:
$172,117.5529
Explanation:
In economics and finance, present value, also known as a present discounted value, is the value of an expected income stream determined as of the date of valuation.
Total years = 3 to 9 = 6years
Present value = future cash flow/(1+i)^n
Present value = $30,000 + $30,000/(1.072)^1 + $30,000/(1.072)^2 + $30,000/(1.072)^3 + $30,000/(1.072)^4 + $30,000/(1.072)^5 + $30,000/(1.072)^6
Present value = $172,117.5529
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