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Reil [10]
2 years ago
6

Exquisite Prints is an up-and-coming photography company. To date, producing good photography is the priority of the company - n

ot business. Thus, it currently does not have a contract to provide to customers as the company thinks that "contract-talk" makes things uncomfortable and too stuffy. Borderline Elementary makes an agreement with Exquisite to take school pictures for all 425 of its students. Exquisite completed the work and now Borderline will not pay. Exquisite heard that you had contract knowledge based on your current enrollment in Business Law. What would you tell Exquisite about its chance of success to recover money from Borderline based on Exquisites account of the events leading to its contract? He tells you the following: Borderline approached me about taking pictures for the school. We agreed that I would be paid $12.00 per child and the principal told me that I would be paid immediately after all pictures were taken and if she, the principal, was satisfied with my work. Now that the pictures are taken, the principal says that she is not paying a dime and she is not rejecting my calls. She has all of the pictures.
Business
1 answer:
pogonyaev2 years ago
7 0
This is the answer to th
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Craig's collected $15,000 from customers for games played in july. craig's sold bowling merchandise inventory from its pro shop
tekilochka [14]

Answer:

cash 15,000 debit

  account receivables 15,000 credit

cash  3,000 debit

A/R    5,000 debit

  service revenue 8,000 credit

COGS  6,800 debit

   Merchandise   6,800 credit

Cash  4,000 debit

 A/R               4,000 credit

Cash   2,500 debit

  *unearned revenue   2,500 credit

**utilties payable   800 debit

       cash                   800 credit

salaries expense 3,500 debit

      cash                      3,500 debit

***prepaid expene        375  debit

prepaid insurance   1,125  debit

     cash                             1,500 credit

repairs expense      700 debit

      cash                           700 credit

utilities expense      900 debit

   utilities payable            900 credit

Explanation:

We will record following the debit = credit rule

* It will be considered unearned revenue as we didn'0t perform the services we have the obligation to do so therefore, it is a liability.

**as the expense was recorded previously a payable was created to recognize the obligation to pay our utilities. Therefore, we write-off the payable

*** 1,500 is the full contract value for 4 months:

1,500 / 4 = 375 per month

one most is declared as expense and the remainder as prepaid.

7 0
3 years ago
9) Selected information regarding a company's most recent quarter follows (all data in thousands). 9) _______ Direct labor $540
disa [49]

Answer:

Direct material= $340

Explanation:

Giving the following information:

Direct labor $540

Beginning work in process inventory $330

Ending work in process inventory $420

Cost of goods manufactured $1620

Manufacturing overhead $830

T<u>o calculate the direct material used in production, we need to use the following formula:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

1,620= 330 + DM + 540 + 830 - 420

Direct material= $340

6 0
3 years ago
Hiromi congratulated her staff when the team received an industry award for their project, and also sent a companywide e-mail an
olga_2 [115]

Answer:

Reward power

Explanation:

Hiromi used reward power here the reward is "intangible reward". She praised and recognized the achievement of her staff team so the reward is intangible.

7 0
3 years ago
The united states economy spends about as many months in recession as it spends in expansion. True or False
kobusy [5.1K]

Answer:

I think the answer will be true

8 0
2 years ago
At the end of the year, Sheffield Co. has pretax financial income of $616,000. Included in the $616,000 is $78,400 interest inco
SVEN [57.7K]

Answer:

$173,820

Explanation:

pretax financial income $616,000

- interest income on municipal bonds ($78,400)

+ depreciation ($67,200 - $50,400) = $16,800

+ fine for dumping hazardous materials $25,000

taxable income = $579,400

income taxes payable = $579,400 x 30% = $173,820

Fines are not tax deductible, and since depreciation for tax purposes is lower than accounting depreciation, you must add them. But since municipal bonds are not taxable, they must be subtracted.

3 0
2 years ago
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