How do you write a check in 6 steps

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

Johnson Battery Systems recently reported $9,000 of sales, $6,000 of operating costs other than depreciation, and $1,500 of depr

muminat

Answer:

$1,100

Explanation:

EBIT = Sales - Costs - Depreciation

= $9,000 - $6,000 - $1,500

= $1,500

Net income = EBIT - Tax @ 40%

= $1,500 - $600

= $900

Operating cash flow = Net income + Depreciation

= $900 + $1,500

= $2,400

Free cash flows:

= Operating cash flow - Increase in working capital - Capital expenditure

= $2,400 - $500 - $800

= $1,100

8 0

3 years ago

Crane Company adopted the dollar-value LIFO method of inventory valuation on December 31, 2019. Its inventory at that date was $

guajiro [1.7K]

Answer:

See below

Explanation:

Crane corporation

Ending inventory

2019 $1,120,000

2020 $1,271,000/1.08 = $1,176,852

Ending inventory [$1,120,000+ (1,176,852 - $1,120,000)× 1.08]

= [$1,120,000 + $61,400]

= $1,181,400

2021 $1,417,000/1.26 = $1,124,603

2022 $1,623,000/1.31 = $1,238,931

Ending inventory [$1,124,603 + ($114,328 × 1.31)]

= $1,124,603 + $149,770

= $1,274,373

Therefore, the cost of the ending inventory at December 31, 2020 under dollar value LIFO would be $1,274,373

5 0

3 years ago

In the 2-factor, 2-good Heckscher-Ohlin model, the country with a relative abundance of ________ will have a production possibil

Nat2105 [25]

Answer:

The answer to this question is (c) Labour, Labour intensive

In the 2-factor, 2-good Heckscher-Ohlin model, the country with a relative abundance of labour will have a production possibility frontier that is biased toward production of the labour intensive good

Explanation:

The Heckscher-Ohlin model is an economic theory that proposes that countries export what they can most efficiently and plentifully produce.

The model emphasizes the export of goods requiring factors of production that a country has in abundance. It also emphasizes the import of goods that a nation cannot produce as efficiently. It takes the position that countries should ideally export materials and resources of which they have an excess, while proportionately importing those resources they need.

Therefore in regard to the question above,

In the 2-factor, 2-good Heckscher-Ohlin model, the country with a relative abundance of labour will have a production possibility frontier that is biased toward production of the labour intensive good

Hence the answer is the third option, Labour, Labour intensive

5 0

3 years ago

The basic work of managers in the hospitality industry calls for: a. Being able to perform each job in the organization and make

Tamiku [17]

Answer:

d. Making the guest welcome, making the operation run correctly, keeping control operating costs.

Explanation:

The basic work of managers in the hospitality industry calls for: Making the guest welcome, making the operation run correctly, keeping control operating costs.

The hospitality industry's backbone is comprised of customer service, it is the foundation and cornerstone of all segments of the industry. A business may focus on one or all facets of hospitality but the level of success achieved is dependent on how well the managers and staff, are serving their customers.

8 0

3 years ago