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
Answer:
C
Explanation:
one it makes sense & it fits in the context of the sentence
Answer:
The ending total asset is $3,800
Explanation:
Lisa Inc raises $3,000 of shareholders’ equity. This movement increase the assets, because the $3,000 increase in the shareholders’ equity will affect the asset
Lisa Inc purchases a building worth $300 for cash. Won´t modifies the assets , decrease cash but increase buildings
Lisa Inc takes out a loan for $500 and receives cash. Increase assets (cash) , increase Liabilities (Accounts Payable)
Lisa Inc purchases $300 of inventories, the supplier gives her credit. Increase assets (inventory) , increase Liabilities (Notes Payable)
Asset= $3,000+$500+$300=$3,800
Answer:
Edward can deduct his $7,000 loss from his adjusted gross income (AGI). Partnerships are investments that you make regardless of whether you work for them or not. One of the key characteristics of partnerships is that they are not taxed as separate entities, they pass-through their income or losses to the partners.
