Which government branch creates the federal tax law

On December 1, Year 1, Jack’s Snow Removal Company received $6,000 of cash in advance from a customer and promised to provide se

AVprozaik [17]

Answer:

Increase Revenue, Decrease Liability

Explanation:

On December 1, They have recognized a liability of $6,000

with the journal entry:

(DR) Cash $6,000

(CR) Unearned Revenue $6,000

Now, on December 31 let's assume that the expiration is an exact

per month division of $2,000 ($6,000 / 3 months)

The adjusting entry would be:

(DR) Unearned Revenue $2,000

(CR) Service Revenue $6,000

The first effect is clear, there is an Increase in Revenue since

the company have rendered the services.

Now, the second effect is that the Liabilities have decreased

because of the debit to "Unearned Revenue" which is a liability.

4 0

3 years ago

Seven years ago, Carlos took out a 30-year mortgage for $185,000 at 5.6 percent. He has made all of the monthly payments as agre

marin [14]

Answer:

Remaining balance of loan after 7 years ( today ) = $ 164,619.6

Explanation:

amount of mortgage = $ 185,000

original term of loan 30 years * 12 = 360 months

interest rate = 5.6 % * 1/12 =0.4666% per month

monthly payment = amount oa mortgage * i /[ 1- (1+i)^-n ]

= $ 185,000 * 0.4666% / [ 1- ( 1 +0.4666%)^-360 ]

= $ 863.21 / [ 1 - 0.187148 ]

= $ 863.21 / 0.812852

= $ 1061.95

after 7 years, that means 84 months, remaining term = 360 months - 84 months = 276 months

remaining balance of loan = amount of loan * ( 1+ i )^n - monthly payment * [ {( 1 + i )^n - 1 } / i ]

remaining balance of loan after 7 years ( 84 months ) = [ $ 185,000 * ( 1+0.4666%)^84 ] - $ 1061.95 * [ {(1+0.4666%)^84 - 1} / 0.4666 ]

= [ $ 185,000 * 1.47850 ] - $ 1061.95 * ( 0.47850 / 0.4666% ]

= $ 273,522.5 - $ 1061.95 * 102.55

= $ 273,522.5 - $ 108,902.9

= $ 164,619.6

remaining balance of loan after 7 years ( today ) = $ 164,619.6

6 0

4 years ago

If you charge/plug in your phone on a Xbox will the stuff in ur camera roll on your phone be on/in the Xbox???

Ronch [10]

Answer:

No.

Explanation:

You said if you <em>charge</em>, so it will only charge your phone. You aren't able to upload photos directly to an Xbox.

Although, if you are pc, you can upload a custom gamerpic easily.

(An example would be a gamerpic, you need the app in order to have a custom gamerpic because it accesses your files).

5 0

3 years ago

Read 2 more answers

In which investment category are fair values and subsequent growth of an investee not relevant for reporting?

Iteru [2.4K]

Answer:

The correct answer is <em>held-to-maturity securities</em>.

Explanation:

Securities held until expiration (HTM) are purchased to be held until expiration. The management of a company could invest in a bond that they plan to hold until they expire. As a result, there are different accounting treatments for retained securities until maturity compared to securities that must be settled in the short term.

4 0

3 years ago

Elain's Inflatables earns service revenue by providing party planning services and inflatable playscapes. Elaine?'s Inflatables

Ede4ka [16]

Answer:

The accounting entry for each transaction is given below.

Gibson contributed $10,000 to the business in exchange for capital.

Debit Cash Asset $10,000

Credit Capital $10,000

b. Purchased equipment for $5,000 on account.

Debit equipment Asset $5,000

Credit Payable Liability $5,000

c. Paid $400 for office supplies.

Debit payable $400

Credit Cash Asset $400

d. Earned and received $2,500 cash for service revenue.

Debit Cash Asset $2,500

Credit Income $2,500

e. Paid $400 for wages to employees.

Debit Wages expense $400

Credit Cash Asset $400

f. Gibson withdrew $1,000 cash

Debit Capital $1,000

Credit Cash Asset $1,000

.g. Earned $1,000 for services provided. Customer has not yet paid.

Debit Receivable $1,000

Credit Service Income $1,000

h. Paid $1,000 for rent.

Debit Rent expense $1,000

Credit Cash Asset $1,000

i. Received a bill for $250 for the monthly utilities. The bill has not yet been paid.

Debit Utility expense $250

Credit payable $250

8 0

4 years ago