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butalik [34]
3 years ago
11

Please help!!!!!!

Business
1 answer:
My name is Ann [436]3 years ago
7 0
A the answer is a give me a thanks have a good day
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1.42 pointsItem 4Item 4 1.42 pointsOn January 1, Revis Consulting entered into a contract to complete a cost reduction program f
deff fn [24]

Question Continuation

Prepare the following journal entries for Revis:

1. The journal entry on January 31 to record the first month of revenue under the contract.

2. Assuming total cost savings exceed target, the journal entry on June 30 to record receipt of the bonus.

3. Assuming total cost savings fall short of target, the journal entry on June 30 to record payment of the penalty.

Answer:

1. The journal entry on January 31 to record the first month of revenue under the contract.

Possible Price -------------------------------Possibility------------Expected Amount

$130,000 ($20,000*6+$10,000) ------80% ------- --------------$104,000 (80% * $130,000)

$110,000 ($20,000*6-$10,000) --------20% -----------------------$22,000 (20% * $110,000)

Expected value--------------------------------------------------------------$126,000 ($104,000 + $22,000)

Accounts ------------------------Debit------------Credit

Cash -------------------------------$20,000 (Debit)

Bonus receivable----------------$1,000 (Debit)

Service revenue --------------------------------- $21,000 ($126,000/6)(Credit)

2. If total cost savings exceed target, record the entry on June 30 for receipt of the bonus

Accounts --------------Debit--------------------------Credit

Cash --------------------- $10,000 (Debit)

Bonus receivable-------------------------------------$6,000 (Credit) ($1000 * 6)

Service revenue ------------------------------------- $4,000 (Credit)

3. If total cost savings fall short of target and record the entry on June 30 for payment of the penalty.

Accounts --------------Debit--------------------------Credit

Service Revenue ---------------- $16,000 (Debit)

Bonus receivable-------------------------------------$6,000 (Credit) ($126,000 / 6)

Cash ------------------------------------- $4,000 (Credit)

3 0
3 years ago
After years of tinkering and reverse engineering initiatives, Kimray had finally unlocked the secrets of the Beta tape format. A
Karolina [17]

The correct answer is A; Change in project scope.

Further Explanation:

The project has now changed drastically from Beta tapes to VHS. With this happening, all of the work they had did on the Beta tapes is now null. The company will now have to change the scope of their work to working with VHS tapes.

A few of the things that will have to be done to change the scope of project are;

  • quality can be changed or modified
  • new costs
  • new tasks
  • new deadlines
  • more money needed to invest
  • functions

Learn more about project scopes at brainly.com/question/13234457

#LearnwithBrainly

3 0
3 years ago
Milton is the sales manager of a cosmetics company that offers a wide range of face creams, lipsticks, and eye makeup. some of t
posledela
To carry out this process of division of the <span>company's vast customer base into distinct segments so that the company's sales people can specialize in one line of business only</span>, it is necessary for Milton to possess sound market knowledge. Sound market knowledge involves knowledge, data and information about the product and about the customers.  With this type of market knowledge Milton will be able to meet external users wants and needs and to present them the product on a suitable way.  <span />
5 0
3 years ago
Banks helped international trade by allowing merchants access to money in different locations. please select the best answer fro
Bogdan [553]

The Given Statement is TRUE. Banks helped international trade by allowing merchants access to money in different locations.

<h3>What is International Trade?</h3>

International Trade is the exchange of goods and services across international borders. It usually comes with additional risks caused by changes in exchange rates, government policies, laws, judicial systems, and financial markets.

International trade drives a country’s growth. Import-export figures are one of the top contributors to a country’s gross domestic product. Thus, every country tries to strengthen its global trade relationships with world leaders.

<h3>What is the role of the banks in International Trade?</h3>

Banks facilitate international trade by providing financing and guarantees to importers and exporters. While access to external funds is important for domestic production, it is especially important for exporting firms.

<h3>What did a Merchant do?</h3>

Merchants were those who bought and sold goods, while landowners who sold their own produce were not classed as merchants.

Thus, we can conclude that the above statement is TRUE.

Learn more about International Trade on:

brainly.com/question/15115779

#SPJ4

4 0
2 years ago
What term refers to the total compensation that an employee earns before their employer deducts taxes and withholdings?
NeX [460]

"Gross pay"

Gross pay is <em>before </em>taxes and withholdings, net pay (aka take-home pay) is what is left over <em>after </em>taxes/etc are taken out.

7 0
3 years ago
Read 2 more answers
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