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ioda
3 years ago
9

Wildhorse Magazine sold 9,240 annual subscriptions on August 1, 2017, for $17 each. Prepare Wildhorse’s August 1, 2017, journal

entry and the December 31, 2017, annual adjusting entry, assuming the magazines are published and delivered monthly. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Business
1 answer:
VMariaS [17]3 years ago
7 0

Answer:

Journal to be posted on August 1, 2017

Debit Cash account             $157,080

Credit Deferred revenue     $157,080

Being entries to record cash received on August 1, 2017 for subscription to be sold.

Debit Deferred revenue    $65,450

Credit  Revenue (p/l)          $65,450

Being entries to recognized revenue earned from subscription as at December 31, 2017

Explanation:

Number of subscription sold = 9240

Selling price of each = $17

Amount received = 17 × 9240

                             = $157,080

Journal to be posted on August 1, 2017

Debit Cash account             $157,080

Credit Deferred revenue     $157,080

Being entries to record cash received for subscription to be sold

On December 31 2017, the fee for 5 months would have been earned

= (5/12) × $157,080

= $65,450

Entries to be posted

Debit Deferred revenue    $65,450

Credit  Revenue (p/l)          $65,450

Being entries to recognized revenue earned from subscription as at December 31, 2017.

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Each parcel of land in a new development is selling for $15,000 and the total project revenue is estimated to be $5,000,000. The
USPshnik [31]

Answer:

The release price for each parcel is $13,215.

Explanation:

Release price for each parcel = [3500000/(5000000*80%)]*15000

                                                  = $13,215

Therefore, The release price for each parcel is $13,215.

5 0
3 years ago
Assume that the interest rate on borrowings in south korea is 1 percent, but the interest rate on deposits in british banks is 7
Vikentia [17]

<u>The trader involved is in carry trade. </u>

<u> </u>

Further Explanation:

Carry Trade: It is defined as a strategy that is used in trading which involves borrowing money at a lower rate of interest and investing in an asset that gives a higher rate of return. It involves borrowing money in a currency that is having a low rate of interest and convert the borrowed sum of money into other currency. The amount is then placed in a deposit in the currency that offers a high-interest rate. It invests in the assets like bonds, stocks, real estate, or commodities that are designated in the other currency.

The two risks that are involved in carry trade are the risk of decline in the price of the assets in which investment is made and exchange risk. This is common in the Foreign exchange market.

<u> Therefore, the trader is involved in carry trade. </u>

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Learn more:

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Answer details:

Grade: High School

Subject: Economics

Chapter: Types of trade

 

Keywords: the interest rate, South Korea, 1 percent, deposits in British banks, 7 percent, a trader, 1 million South Korean won, British pounds, deposits in a British bank, carry trade, trade involved in, FX market.

5 0
3 years ago
"Liberty may be endangered by the abuse of liberty, but also by the abuse of power."—James Madison Which of the following statem
Alex73 [517]

Answer:

James Madison is known as the Father of the Constitution, and he worked very hard to limit the powers of the government branches, so that no government branch would be more powerful than the other two. He was a great supporter of the Bill of Rights, which also limited the power of the government towards the citizens of the nation.  

This specific quote refers to the checks and balances system that prevents any of the three branches of the US government; executive, legislative and judicial, from becoming too powerful.

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3 years ago
The following data have been provided by Letze Corporation from its activity-based costing accounting system: Factory supervisio
Alex Ar [27]

Answer:

Letze Corporation

Overhead allocation to Batch Set-Up:

Factory supervision = 55% of $460,000 = $253,000

Indirect factory labor = 60% of $220,000     132,000

Total overhead assigned                             $385,000

Explanation:

a) Data and Calculations:

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Indirect factory labor $ 220,000

Distribution of Resource Consumption across Activity Cost Pools:

Activity Cost Pools

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Factory supervision      55%                    35%                10%      100%

Indirect factory labor    60%                   20%                20%      100%

b) Letze Corporation can use Activity-Based Costing as a system of cost accumulation and allocation based on activity cost pools so that overhead costs are assigned based on the level of activity which each cost pool generates.  It tries to tie costs to the activities that generate them.

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Definition of a corporation, two examples. LOTS OF POINTS.
Andrei [34K]
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7 0
3 years ago
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