Which feature enables you to view only the data you need

Duluth Co. collected a $6,000 cash advance from a customer on November 1, 2016 for work to be performed over a six-month period

uysha [10]

Answer:

c. Decrease liabilities and increase revenues.

Explanation:

Duluth Co. collected a $6,000 cash advance from a customer on November 1, 2016 for work to be performed over a six-month period beginning on that date.

If the year-end adjustment is properly recorded, the effect of the adjusting entry on Duluth's 2016 financial statements will be a decrease in liabilities and increase in revenues.

This will be the case because when Duluth Co. collected a $6,000 cash advance from a customer on November 1, it would have passed the following entries:

Dr Cash................$6000

Cr Prepaid Revenue...$6000

But note that 'prepaid revenue' is a liability which is why it has a credit balance.

By year end, the adjustment will be to take credit to revenue for 2 months that has elapsed for November and December, which is 2/6 x $6000.

Hence the entry will be:

Dr. Prepaid Revenue.....$2000

Cr. Revenue....................................$2000

which implies that the liability of prepaid revenue has reduced and revenue has increased

4 0

3 years ago

What government agency seeks to protect consumers and promote

yawa3891 [41]

Answer:

A : the FTC

Explanation:

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5 0

2 years ago

Read 2 more answers

3. Making Podcasts and Wikis, Work for Business The Web 2.0 revolution has changed the way businesses communicate with consumers

Lelechka [254]

Answer:

Customer interaction

Explanation:

A wiki is a collection of editable pages about a specific subject and is used by a team to collaborate on content about the subject. Nowadays Wiki type websites have been widely used by companies. This is because this type of website establishes simple, straightforward communication with the customer, which allows the customer to understand not only company policy, but how products are created, which products are created, and how these products can be useful in the life of the customer.

7 0

3 years ago

Carolyn purchased a new office desk on July 23, 2018, at a cost of $2,474. She did not claim the bonus depreciation deduction. U

11Alexandr11 [23.1K]

Answer:

Depreciation under half-year convention is= 309.25

Explanation:

(Important Note: The information provided in the question are incomplete. In order to calculate depreciation expense using the half year convention we must have useful life of the new office desk and residual value, if any! Therefore we base the solution of this question by using some assumptions.)

Assuming that the useful life of the new office desk is 4 years and has no salvage value, the depreciation would be as follows:

Depreciation expense = $2474÷ 4

Depreciation expense = $618.5

<em>But this is yearly expense and under the half-year convention it's assumed that the new office desk is being used for one-half or it's first year therefore the half year depreciation expense will be calculated and the remaining half of depreciation will be expensed out in the final year of depreciation. </em>

So depreciation under half-year convention is= 618.5× 6÷ 12

depreciation under half-year convention is= 309.25

4 0

3 years ago

Maquiladoras are

Yanka [14]

Answer: b. production facilities in north-central Mexican states.

Explanation: A maquiladora is a company located in the north of Mexico, which usually imports the products with tax facilities, performs a manufacturing process and then exports the products to which they belong again, this figure is used to reduce production costs. Example: A textile company, manufactures the products outside the country and then the finished product returns to the origin.

7 0

3 years ago