Answer:
The correct answer is False.
Explanation:
Schedule M-1 is required when the gross income of corporations or their total assets at the end of the year is greater than $ 250,000.
Schedule M-3 asks certain questions about the financial statements of the corporation and reconciles the net income (loss) of the financial statements for the corporation (or group of consolidated financial statements, if applicable).
<u>Solution:</u>
Deffered revenue means when an organization receives the payment prior to the goods delivered to conusmer. In the given case, business receives $3000 on 1, January for ten month service (From january to October).
<u>The revenue per month needs to be calculated:</u>
Revenue per month = Revenue for ten months divided by Total number of months
By putting the figures we get,
Revenue per month = $3000 divided by 10 = $300 per month
An adjusting entry needs to be passed:
Date Particulars debit credit
31st jan Unearned Revenue $300
Service Revenue $300
( Service revenue that has been collected in advance)
Answer:
$57.11
Explanation:
$25.85 × 4 = $103.40
$15.70 × 2 = $31.40
Total cost of purchase = $134.80
6% tax = 0.06 × $134.80 = $8.09
Total cost of purchase including tax = $142.89
Change received by Blaine = $200 - $142.89 = $57.11
I hope my answer helps you
Answer: True
It can be replaced by traditional systems, however, it is not the most appropriate, because information systems help us organize information about a company so that it can be good for reading, analyzing and making decisions, if it does not comply with these principles then we can say that the company is becoming a bit more inefficient.
Traditional systems work, however, in terms of information systems, we can also have the decrease in information errors, so it is important that they be as automated as possible.
