1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kirill [66]
3 years ago
7

Orange Cable TV Company, an accrual basis taxpayer, allows its customers to pay by the year in advance ($500 per year), or two y

ears in advance ($950). In September 2017, the company collected the following amounts applicable to future services:October 2017-September 2019 services (two-year contracts) $144,000October 2017-September 2018 services (one-year contracts) 128,000Total $272,000As a result of the above, Orange Cable should report as gross income:a. $272,000 in 2017.b. $128,000 in 2017.c. $168,000 in 2018.d. $222,000 in 2018.e. None of these.
Business
1 answer:
Lisa [10]3 years ago
8 0

Answer:

D. $222,000 in 2018.

Explanation:

One-eighth (3/24) of the payments on the two-year contracts were earned (1/8 × $144,000 = $18,000) and one-fourth (1/4 × $128,000 = $32,000) of the payments on the one-year contracts were earned in 2017 and is included in 2017 gross income. The balance of the payments of $222,000 ($272,000 - $18,000 - $32,000) must be included in 2018 gross income.

You might be interested in
How do we advice company on how to support each of it`s S.B.U
BabaBlast [244]
The company's next task is to determine what objective, strategy and budget to assign to each SBU. Four strategies can be pursued: build, hold harvest, or divest.
4 0
2 years ago
Three types of business​ organizations) Limited partnerships have two classes of partners. The _____ limited general partner act
tia_tia [17]

Answer:

General; limited; limited.

Explanation:

Limited partnerships have two classes of partners. These two (2) classes are;

1. General partner: it is a type of partnership in which two or more people come together and have an agreement to do business by sharing profits, assets, debts or financial and legal liabilities.

2. Limited partner: it is a type of partnership in which people come together and have an agreement to do business but the involved partners only contribute financially and solely responsible to the amount of money they invested.

Hence, the general partner actually runs the business and faces unlimited liability for the​ firm's debt, while the limited partner is only liable up to the amount the limited partner invested.

8 0
3 years ago
Blossom Company's accounting records show the following for the year ending on December 31, 2017.
LuckyWell [14K]

Answer:  $678,220

Explanation:

Given that,

Purchase Discounts = $ 11,000

Freight-in = $15,300

Purchases = $689,020

Beginning Inventory = $55,000

Ending Inventory = $45,600

Purchase Returns and Allowances = $15,100

Cost of goods purchased:

= Purchases + Freight in - Purchase discounts - Purchase returns and allowances

= $689,020  + $15,300  - $ 11,000  -  $15,100

= $678,220

4 0
3 years ago
The incentive problem under communist central planning refers to the idea that:
belka [17]

Answer and Explanation:

B. workers, managers, and entrepreneurs could not personally gain by responding to shortages or surpluses or by introducing new and improved products.

7 0
3 years ago
What's the term for the illegal practice of nudging buyers away from or toward a specific area based on the presence or absence
worty [1.4K]

Answer: steering

Explanation:

Steering is an illegal practice whereby people that are looking for homes are channeled towards particular areas based on their social status or race.

In such scenarios, the choice of the person looking for a home is being influenced by the person's gender, color, race, status, religion, disability, or national origin.

5 0
3 years ago
Other questions:
  • During 2017 the inflation rate increased slightly but remained in the​ "comfort zone" and the unemployment rate was low. Why mig
    9·1 answer
  • What is the best source of information for deciding whether a product meets your needs?. A. the product's advertisements. B. the
    14·2 answers
  • Your campus computer store reported Sales Revenue of $168,000. The company's gross profit percentage was 60.0 percent. What amou
    13·1 answer
  • On January 1, 2016, NFB Visual Aids issued $800,000 of its 20-year, 8% bonds. The bonds were priced to yield 10%. Interest is pa
    9·1 answer
  • Relationship-enhancing attributions involve which of the following factors?
    7·1 answer
  • A retirement plan guarantees to pay you or your estate a fixed amount for 20 years. At the time of​ retirement, you will have​ $
    12·1 answer
  • Make a prioritized task work sheet
    8·1 answer
  • When Building a Pallet to be shipped over the road, How Should The cases Be Placed On The Pallet?
    10·2 answers
  • Typical insurance plans that companies offer to their employees and sometimes pay a significant portion of the monthly costs are
    5·1 answer
  • Vivien's project manager has asked her to analyze the project requirements before finalizing them. What would she look for and a
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!