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
sweet-ann [11.9K]
3 years ago
8

During 2021, Ocean Consulting had the following transactions with its clients (customers): On February 1, 2021, the company rece

ived cash of $5,100 from clients in payment of their account balances as of December 31, 2020. On November 1, 2021, the company received $2,100 cash as payments in advance for services to be performed in 2022. The company received a total of $13,500 in cash for services that were performed during 2021. The company sent bills totaling $4,100 to clients for services performed during 2021; this amount was unpaid as December 31, 2021. What is the amount of Service Revenue that will be reported on the income statement for the year 2021?
Business
1 answer:
Serggg [28]3 years ago
5 0

The service Revenue will be:

1. Cash for service performed in 2021 -------------------------- $13,500

2. Bill sent to clients for service performed in 2021--------- $4,100

TOTAL------------------------------------------------------------------------$17,600

The $5,100 received was for the service done in 2020 and this will be decrease the account receivables on the balance sheet while the $2,100 received for work to be done in 2022 will be recorded as an unearned revenue because the service has not been rendered.

You might be interested in
What is the key to economics? Explain.
Lady_Fox [76]

Answer:

At the most basic level, economics attempts to explain how and why we make the purchasing choices we do.

Explanation:

this was a answer from my school

6 0
3 years ago
Read 2 more answers
The answers to an economy's three central economic problems are determined by the interaction of three forces: economic forces,
jeka57 [31]

Correct/Complete Question:

The answers to an economy's three central economic problems are determined by the interaction of three forces: economic forces, political forces, and social forces. True or False

Answer:

True

Explanation:

The above forces, economic, political and social determine the answers to the three economic problems and also determines how economic forces operate in an economy. The three economic questions are;

 -  What goods and services should be produced?

 -  How should these goods and services be produced?

 -  Who consumes these goods and services?

Political forces are forces that influence the economic and political stability of the market. Social forces include cultural influences on the economic stability of the market. Economic forces on the other hand are the factors that determine/influence the competitiveness of the market in which a firm operates.

I hope this helps.

5 0
3 years ago
1) You are considering purchasing a 20 year bond from Saudi Arabia. You have a required return
inessss [21]

Answer:

$812.20

Explanation:

Given the following bond characteristic:

Coupon rate = 12%

Market or yield rate = 15%

Years to maturity = 20 years

Face or par value = $1000

Inputting the values into a bond value calculator, the bond value output is : $812.20

This means that the sum of the present value of all likely coupon payment and par at maturity. It is simply the present value of all cash streams it is projected to generate.

6 0
3 years ago
What is it called when banks record which account gives up money and which account receives money when a customer writes a check
swat32

Answer:

Check Clearing

Explanation:

The process by which bank records which account gives up money is called check clearing. Check clearing is the process by which banks record whose account gives up money and whose account receives money when a customer writes a check. A bank holding company is a company that owns multiple banks.

4 0
3 years ago
Cash consists of: a. coin, currency, and postage stamps. b. coins, currency, checks, money orders, money on hand or on deposit i
Airida [17]

Answer:

b. coins, currency, checks, money orders, money on hand or on deposit in a bank or similar depository.

Explanation:

Cash consists of coins, currency, checks, money orders, money on hand or on deposit in a bank or similar depository. Cash is distinct from postage stamps, credit, money orders or checks that are not physically being held by the holder.

Cash can be defined as a legal tender such as money in its physical form which can typically be used to purchase goods and services, as well as pay debt.

7 0
3 years ago
Other questions:
  • 1. Determine the price of the bonds issued on February 1, 2021. 2-a. Prepare amortization schedules that indicate Cromley’s effe
    6·1 answer
  • A humane society reports that 19% of all pet dogs were adopted from an animal shelter.Assuming the truth of this assertion, find
    15·1 answer
  • Galvanized Products is considering purchasing a new computer system for their enterprise data management system. The vendor has
    12·1 answer
  • You owe $976.34 on a credit card that has an interest rate of 10.75% apr. you pay $100.00 at the end of each month. 3. calculate
    13·1 answer
  • Which of the following is likely to happen if the Fed buys Treasury securities from banks?a. interest rate rises; investment fal
    12·1 answer
  • A customer relationship management (CRM) system helps a company to plan, execute, and control all the activities involved in raw
    12·1 answer
  • In preparing for the holiday season, Fresh Toy Company (FTC) designed a new doll called the Dougie that teaches children how to
    12·1 answer
  • Greening refers to: a. Answer the need for more carbon dioxide in our air. b. firms acquiring more green backs (U.S. dollars) fr
    15·1 answer
  • What is marketing mix? explain 4 P's of marketing mix.​
    12·2 answers
  • The first-year NOI for an office building is $150,000. A lender is willing to provide financing up to a 1.5 debt-coverage ratio.
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!