As price of textbooks increased, more and more students turned to used-book market or chose not to buy textbooks at all, instead using the copies on reserve in the liabilities.
What is a liability?A liability is an obligation that an individual or organisation has, usually one that is financial in nature. Liabilities are eventually addressed through the transfer of economic benefits like money, goods, or services. Debts including loans, accounts payable, mortgages, deferred income, bonds, warranties, and accumulated costs are represented as liabilities on the balance sheet's right side. Liabilities can be contrasted with assets. Liabilities are debts or the other responsibilities, whereas assets are things you own or owe money to. In general, a liability is an agreement between two parties that hasn't been complied with or paid for. Liabilities can be categorised as either current or non-current depending on how temporal they are. They may include future obligations to render services to others or obligations left over from a previous transaction.
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the following transactions pertain to year 1, the first year of operations of fuzhou company. all inventory was started and completed during the accounting period. all transactions were cash transactions. 1. acquired $50,000 of contributed capital from its owners. 2. paid $10,500 for materials used to produce inventory. 3. paid $8,600 to production workers. paid $4,900 rental fee for production equipment. 4. paid $2,100 to administrative employees. paid $2,900 rental fee for administrative office equipment. 5. produced 1,200 units of inventory of which 1,100 units were sold at a price of $27 each. prepare an income statement and a balance sheet. assume the statements are prepared in accordance with gaap.
Fuzhou Company Income Statement for 2018
Sales Revenue 29,700.00
Cost of Goods Sold 22,000.00
Gross Margin 7,700.00
Administrative Expense 5,000.00
Net Income 2,700.00
Fuzhou Company Balance Sheet As of December 31
Assets
Cash 50,700.00
Finished Goods Inventory 2,000.00
Total assets 52,700.00
Stockholders Equity
Common Stock 50,000.00
Retained Earnings 2,700.00
Total Stockholders Equity 52,700.00
What is an income statement?One of a company's financial accounts, an income statement or profit and loss account, lists the company's revenues and costs for a specific time period.
It describes the process through which revenues are converted into net income or net profit.
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What is the potential downside of the “assess and respond” approach when executing a risk response?
The "assess and respond" approach is a common method used to manage risks.
What is the potential downside of the “assess and respond” approach when executing a risk response?There are several potential downsides to consider:
Latency: The assess and respond approach requires time to identify and assess risks, plan responses, and implement those responses. This latency can lead to missed opportunities or ineffective responses if risks evolve quickly.Overreliance on response: The assess and respond approach focuses on response, but may not be effective in preventing risks from occurring in the first place.Limited resources: Implementing responses to risks can be resource-intensive, and organizations may not have the necessary resources to effectively address all risks.Lack of certainty: The assess and respond approach is based on an assessment of risks, but assessments are not always accurate and can lead to incorrect conclusions about the risks that need to be addressed.To know more about Business, check out:
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3. steps toward tort reform in the federal government and a number of states include all of the following except:
Steps toward tort reform in the federal government and a number of states do not include increasing the burden of proof in negligence cases.
What is the federal government?
In a sense, a federal government is a structure created to transfer power from the wealthy to the underprivileged. The larger, more powerful central government of a country shares power with the nation's smaller state and regional administrations. This is accomplished by giving each sector-specific duties so that the federal government, as well as the state and local governments, each have their own tasks to complete. The Constitution of the United States mandates that the federal government can continue to exercise authority over a number of activities, including, to mention a few, the establishment of lower courts, the issuance of patents, and the creation of money.
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which of the following likely is not one of the roles of the salesforce of the firm is using a differentiation strategy?providing high quality of customer service and responsiveness.
Servicing large current customers is not likely to be one of the roles of the salesforce of the firm is using a low-cost supplier strategy.
It is the one role that is not likely to be part of the salesforce of a firm that is using a low-cost supplier strategy and is offering personalized customer service and support. A low-cost supplier strategy usually focuses on reducing the costs by sourcing materials, goods, or services from the lowest-cost suppliers available.
The main goal is to offer the products or services at a very lower price than other competitors, it does not focus on offering a superior customer experience. As a result of this, the salesforce can be more focused on selling the products or services and are less on providing the personalized customer service and support.
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Complete question
Which is not likely to be one of the roles of the salesforce of the firm is using a low-cost supplier strategy?
Servicing large current customers.
the statement of stockholders' equity . multiple choice describes changes in each of the major equity subcategories is part of the statement of retained earnings shows only the ending balances in stockholders' equity does not include changes in treasury stock
The statement of stockholders' equity a) describes changes in each of the major equity subcategories.
Companies frequently replace the statement of retained earnings with a statement of stockholders' equity. The stockholders' statement reports the beginning and ending balances of all major equity accounts (rather than just the retained earnings account) and details the changes that occur over the period.
Stockholders' equity, also known as shareholders' or owners' equity, is the amount of assets accessible to shareholders after all liabilities have been paid.
It is measured as a firm's total assets less total liabilities, or as the sum of share capital and retained earnings less treasury shares. Stockholders' equity may include common stock, paid-in capital, retained earnings, and treasury stock.
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Correct question:
The statement of stockholders' equity _____.
-describes changes in each of the major equity subcategories
-is part of the statement of retained earnings
-shows only the ending balances in stockholders' equity
-does not include changes in treasury stock
The company that shifts production from its home country to a country where costs are much lower will face criticism from all but which one of the following? a) Trade unions. b) The company's shareholders. c) Employees who will lose their jobs. d) Stakeholders in the community.
In order to explain how the price of a resource, commodity, or product changes, the law of supply and demand combines two basic economic principles.
Is the practice of moving production to a foreign nation referred to as outsourcing?Offshoring is the practice of moving a company function from one nation to another. This usually involves operational operations like manufacturing or auxiliary processes like accountancy.
What phrase best describes a stakeholder's function within a company?A stakeholder is someone who has an interest in a firm and who can have an impact on or be impacted by the performance and operations of that company. Investors, staff members, clients, suppliers, residents, governing bodies, or trade associations are examples of typical stakeholders.
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If you wanted to measure whether the output of an economy was increasing or decreasing across time periods, you would use the real GDP data rather than the
nominal GDP data because
a, exports are excluded from real GDP but not nominal,
ne b. real GDP incorporates the impact of federal budget deficits and surpluses; nominal GDP does not.
real GDP reflects the impact of transfer payments on the economy, but nominal
does
real GDP adjusts for changes in the general level of prices, but nominal GDP does not.
Real GDP, as opposed to nominal GDP, takes changes in the general level of prices into account.
What metric you would use to determine if a country's economic production is rising or falling?The value of all commodities and services produced is estimated by the overall gross domestic product, which has long been seen as a reliable indicator of a nation's financial stability. It is used by economists to judge whether a country is expanding or experiencing a recession.
What is measured by real GDP?GDP estimates the dollar amount of the consumer products and services supplied in a nation over a given time period, such as six months or a full year. Every item created wholly within a nation's borders is considered.
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Which of the following assets purchased in the current year are eligible to be expensed under Section 179 assuming the cost does NOT exceed the limitations? (Check all that apply.) 1. Used equipment 2. Land for future building site 3. Storage warehouse 4. New office furniture 5. New delivery truck 6. Apartment complex
1.Used equipment, 4.New Office furniture, 5.New Delivery Truck are the assets purchased in the current year are eligible to be expensed under Section 179 assuming the cost does NOT exceed the limitations.
1. Confirm that your asset is eligible:
(To qualify for a Section 179 deduction, your asset must be.)
Tangible. Section 179 applies to tangible items including furniture, machinery, and the majority of computer software. Unlike patents or copyrights, intangible assets do not. Although some equipment that is attached to the structure, such as fire suppression systems, alarms, and air conditioning units, does qualify, buildings and land do not.Purchased. Leasing property is not acceptableUsed in your company more than 50%. An asset that is utilized mostly for personal purposes but sometimes for business purposes is ineligible.It should not received from an authorized source. This includes your siblings, spouse, parents, grandparents, great-grandparents, descendents, corporations, trusts, and charitable organizations.To know more about Section 179
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TRUE/FALSE. the accounts receivable account is always increased on the (left/right) -hand side of the t account.
The given statement exists False. Accounts receivable refers to customers who have purchased goods or services from a company but have not yet paid for them.
What is meant by accounts receivable?Accounts receivable, often known as AR or A/R, are legally enforceable claims for payment that are retained by a company for goods supplied or services provided that consumers have requested but have not yet paid for.
Customers who have received products or services from a business but haven't yet made payment are said to have accounts receivable. For instance, when clients buy goods on credit, the outstanding balance is added to the accounts receivable. It is a duty resulting from a commercial transaction.
The amount owing to suppliers and vendors that resulted in cash outflow is known as accounts payable. The money you receive from the sale of goods and services that generates revenue is known as accounts receivable. Calculate the total value of your assets and accounts receivable to assess the profitability of your company.
The complete question is:
Accounts receivable accounts are increased with a credit. TRUE/FALSE
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Required Information Ch02 AICPA Attestation Standards (Part 1 of 2) [LO2-6, LO2-7 AICPA Attestation Standards (Part 1 of 2) Read the overview below and complete the activities that follow Generally accepted auditing standards were adopted by the AICPA to provide guidance for the performance of audits. As these standards expand, the profession has developed more general attestation standards, contalned in SSAE No. 1 In addition to the auditing standards, a CPA firm should establish adequate quality control policies and procedures to provide reasonable assurance that it follows professional standards on every engagement. To that end, the AICPA has issued sbX elements to quality control standards to provide CPA firms with guidance In establishing quality control policies CONCEPT REVIEW: The attestation standards are meant to serve as a general framework and to set general boundaries for the attest function, while the quality control standards provide CPA firms with guidance in establishing quality control policies Part 1 - Drag and Drop Click and drag each of the below attestation standards to its correct type (general/standards of fieldwork/standards of reporting). The report must identify the subject Practitioner must have adequate technical Adequate planning, assistance matter and character of the audi training and atest function proficieney and supervision is required The report must state the conclusion of the practitioner Subject matter of engagement must be able to be evaluated Practitioner must have adequate knowledge in subject matter General Fieldwork Reporting
Audits are crucial for ensuring programme accountability and openness. The monitoring afforded by auditing is more important than ever given the present problems governments and their programmes are facing. Government auditing offers the unbiased analysis and data required to help make the decisions necessary to contribute to building a brighter future.
What criteria are used for attestation?
Attestation standards are intended to offer direction, define a standard of quality, set limits around a developing service line, and specify the goals that should be met throughout attestation engagements. The AICPA's senior committee for auditing, attestation, and quality control with regard to the execution and issuing of audit and attestation reports for non-issuers is the Auditing Standards Board (ASB).
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The Scampini Supplies Company recently purchased a new delivery truck. The new truck cost $22,500, and it is expected to generate net after-tax operating cash flows, including depreciation, of $6,250 per year. The truck has a 5-year expected life. The expected salvage values after tax adjustments for the truck are given below. The company’s cost of capital is 10 percent.
a. Should the firm operate the truck until the end of its 5-year physical life, or, if not, what is its optimal economic life?
b. Would the introduction of salvage values, in addition to operating cash flows, ever reduce the expected NPV and/or IRR of a project?
The new truck was purchased for $22,500, and it will produce net operating cash flows after taxes, taking into account depreciation, of $6,250 year. The pickup's 5-...
What is the verb for purchased?
The new vehicle cost $22,500, and it will likely provide net operating cash flows of $6,250 per year, including depreciation. The vehicle has a 5-... verb (used with object), buy. to obtain via labour, sacrifice, flattery, etc. to obtain through the expenditure of money or its equivalent; buy. to be sufficient to buy: Cost of a subscription is $20.
As you can see, the verb "buy" means to gain something in return for money, and the term "bought" is the past tense and past participle of that verb. We also use bought with the past simple tense in addition to the present perfect and past perfect tenses.
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kris's company has given her a raise to $17.95 per hour, but plans to change the way they pay to monthly instead of biweekly. to calculate what kris's gross pay will be for the new pay period, perform the following calculations:
Kris' annual gross salary is determined to be $37,336. Her cross-pay for the month was shown to be $3,111.33.
Before taxes, benefits, and other payroll deductions are made, an employee's gross pay is the amount of their compensation. The equation Gross compensation = Employee's hourly rate x Hours worked is used to determine this.
a) In this case, the question has already provided the equation; we merely need to multiply the given numbers to obtain Yearly Gross Pay, which equals $17.95 x 80 x 26 = $37336.
b) We must divide the annual gross compensation by 12 to determine the monthly gross pay. And we obtain
Monthly gross pay = 37336/12
=$3,111.33
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Note: The correct question would be as bellow,
Kris's company has given her a raise to $17. 95 per hour, but plans to change the way they pay to monthly instead of biweekly. To calculate what Kris's gross pay will be for the new pay period, perform the following calculations:a. Calculate Kris's yearly gross pay by multiplying her biweekly gross pay by 26 (the number of times she currently receives a paycheck per year): $17. 95 x 80 x 26 =
b. Divide that amount by 12 to get the monthly gross pay:
various states are trying to reduce the time and cost of settling vehicle injury cases. one alternative is
Several states are attempting to speed up and lower the cost of the settlement of auto accident lawsuits. Using the no-fault system is one option.
What is meant by cost?The term "cost" describes any expense a corporation faces when producing its products or rendering its services. It is essentially the amount of money businesses spend on buying and selling goods. The four main categories of costs are fixed costs, variable costs, direct costs, and indirect costs.Cost can mean a variety of things. It is the value of money that we spent to produce something in accounting, retail, research, and production. Therefore, it is no longer possible to use that money. In business, the phrase may refer to the sum of money used to purchase something.The three different forms of product costs labour, materials, and overhead as well as period costs are known as the Elements of Cost.To learn more about cost, refer to:
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david, shannon, and greg are starting a new accounting firm together, and they are drafting articles of partnership. all of the following are items they should include except
The articles of partnership for the new accounting firm that David, Shannon, and Greg intend forming are now being written. The entirety of the foregoing must be mentioned, with the exception of the value of the assets & money owned by another participant individually.
Since partnerships typically have more participants than sole proprietors, they can generate cash more easily.
One benefit of multinational companies over sole proprietorships would be that, without single proprietorships, the operation of businesses is undisturbed by both the passing away or withdrawal of any of the investors.
How do proxies work?
a signed document designating another person with the right to vote. A public company is the type of business organization that possesses the easiest capacity to raise funds.
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What kind of information would you need to have to be able to put together a table like to present to the steering committee? How much of that information is objective? Subjective? Justify your answer.
The type of material required to present to the steering committee is barriers that are keeping the project from moving forward, clarifying any specifics that may have been ambiguous, and discussing the progress.
What is the role of information system steering committee?An IT steering committee is a committee of senior executives to direct, review, and approve IT strategic plans, oversee major initiatives, and allocate resources. It is not involved in day-to-day management of the IT organization. Rather, the steering committee establishes IT priorities for the business as a whole.
The sort of content you would need to set up a table like to present to the steering committee is hurdles that are preventing the project from progressing, clarifying any specifics that may have been confusing, and detailing the progress that has occurred since the last check-in time.
Therefore, the information is subjective in nature as compared to objective.
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if demand decreases, the demand curve shifts ____, which implies price will ____, and ____ will ____.
When demand decreases, the demand curve shifts down, which implies that price will decrease, and quantity will decrease.
Due to the rule of demand, which holds that when prices rise, fewer products and services are wanted overall, this occurs. The number of products and services required rises as the price declines.
This change in the demand curve suggests that customers are now prepared to buy fewer products and services for a given price. The price of the products and services drops as the amount of goods and services required declines.
As the quantity of goods and services decreases, the demand curve shifts down further, resulting in a further decrease in price.
As a result that the quantity wanted at the lower price is now less than the quantity demanded at the higher price, this price reduction leads the quantity of products and services to decline even further.
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since middle managers focus on a longer time frame, they need less detailed information than top managers, but somewhat more than supervisors who oversee day-to-day operations.
The given statement ''since middle managers focus on a longer time frame, they need less detailed information than top managers, but somewhat more than supervisors who oversee day-to-day operations.'' is false.
What is the meaning of top manager?A top-level manager is an executive-level professional who is in charge of developing and carrying out organisational strategies and policies. They serve as the middleman in negotiations between upper- and lower-level managers. These experts may assist in determining the general course of a company.The highest echelons of executive management are represented by top-level managers. The word "chief" is frequently used in the job titles of senior managers, such as chief executive officer, chief financial officer, etc. Long-term plan execution and company growth are supported by these managers.The CEO, who serves as the company's senior manager and reports directly to the chair and board of directors, is normally in charge of all business activities.Learn more about CEO refer to :
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TRUE/FALSE. when a leader implements a vision, they must model to followers the attitudes, values, and behaviors that support the vision.
The statement " when a leader implements a vision, they must model to followers the attitudes, values, and behaviors that support the vision." is true.
A loan is the act of one or more people, businesses, or other entities lending money to other people, businesses, or other entities. The recipient (i.e., borrower) incurs a debt and is typically obligated to pay interest on that debt until it is repaid as well as to repay the principal amount borrowed.
The debt documentation (such as a promissory note) will typically include information such as the principal amount borrowed, the interest rate the lender is charging, and the due date for repayment. During the term of the loan, the lender and the borrower will swap ownership of the subject asset(s).
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Why is book building sometimes criticized as a means of selling the often price
The book building process used in the United States is sometimes criticized because it dictates an offer price that is lower than what some institutional investors would pay.
What does book building process involves?The process by which an underwriter attempts to determine the price at which an initial public offering (IPO) will be offered is known as book building. Before arriving at an issue price, price discovery involves generating and recording investor demand for shares.
Book building has surpassed the 'fixed pricing' method, in which the price is determined prior to investor participation, to become the de facto mechanism for pricing IPOs. Before arriving at an issue price that will satisfy both the company offering the IPO and the market, the price discovery process involves generating and recording investor demand for shares.
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specify which of the following cash transactions would have resulted in the $1,900 posting to the account. (you may select more than one answer. single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. any boxes left with a question mark will be automatically graded as incorrect.) check all that apply 2 paying cash for supplies paying cash for utilities repayment of debt paying cash for rent paying cash for equipment paying cash for employee salaries payment of dividends selling assets
A cash book is a type of financial diary that records all cash inflows and outflows, including bank deposits and withdrawals. In the general ledger, entries from the cash book are then posted.
How a Cash Book Works?All cash transactions made during an accounting period are documented chronologically in a cash book that is set up as a subsidiary to the general ledger.
Larger organizations typically separate the cash book into two sections: the cash distribution journal, which records all cash payments, and the cash receipts journal, which records all cash received into the business.
The cash receipts book would contain items such as payments made by customers on unpaid accounts receivable or cash sales, whereas the cash disbursement record would contain items such as payments made to suppliers to lower accounts payable.
The main objective of a cash book is to manage cash properly, making it simple to ascertain cash balances at any moment, enabling managers and business accountants to budget their cash efficiently as necessary.
Additionally, using a cash book to track the cash through a ledger is significantly faster than using a cash book to obtain cash information.
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calculate the growth rate of nominal gdp between 2016 and 2017. round your answer to the nearest hundredth of one percent.
the growth rate of nominal GDP between 2016 and 2017, Real GDP in 2016 =$18,707/1.1219=$16,674.4, Real GDP in 2017 =$19,485/1.1427 =$17,051.9.
It is accurate to use the GDP deflator to calculate actual GDP. While nominal GDP calculates the value of output using current prices, which are subject to inflation, real GDP gauges an economy's output after accounting for price changes. We can adjust nominal GDP to discover real GDP, which provides us a better view of the economy's actual production, by utilising the GDP deflator as a measure of the general level of prices. The computation of the real GDP in 2016 in the provided example is accurate. The nominal GDP of $18,707 was adjusted using the GDP deflator of 112.19, yielding a real GDP of $16,674.4. This computation shows the production of the economy after accounting for price fluctuations.
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Using the table below, calculate real GDP (in billions of dollars) in 2016 and 2017. Round your answer to the nearest tenth.
Year Nominal GDP(in billions of dollars) GDP Deflator(2005=100)
2014 17,522 109.34
2015 18,219 110.51
2016 18,707 112.19
2017 19,485 114.27
2018 19,960 114.90
The following cost data relate to the manufacturing activities of Chang Company during the just completed year: Manufacturing overhead costs incurred: Indirect materials Indirect labor Property taxes, facto Utilities, factory Depreciation, factory Insurance, factory Total actual manufacturing overhead costs incurred $ 16,100 141,000 9,100 81,000 149,700 11,100 $408,000 ry Other costs incurred: Purchases of raw materials (both direct and indirect) Direct labor cost $411,000 71,000 Inventories: Raw materials, beginning Raw materials, ending Work in process, beginning Work in process, ending $ 21,100 $ 31,100 $41,100 $ 71,100
So the cost of goods manufactured during the just completed year is $899,000. This represents the cost of the products that have been completed and are ready for sale during this period.
The above cost data relates to the manufacturing activities of Chang Company during the just completed year. The information provided includes the actual manufacturing overhead costs incurred, the other costs incurred, and the beginning and ending inventories for raw materials and work in process.
To calculate the cost of goods manufactured, we can use the following formula:
Cost of Goods Manufactured = Raw Materials Purchased + Direct Labor + Manufacturing Overhead - Raw Materials Inventory, Beginning + Work in Process Inventory, Beginning
Cost of Goods Manufactured = $411,000 + $71,000 + $408,000 - $21,100 + $41,100
= $899,000
So the cost of goods manufactured is $899,000.
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TRUE/FALSE. major, large city newspaper endorsements often carry important weight, especially in down ballot races for local offices.
Endorsement deals from prestigious, major city newspapers frequently have a significant impact, particularly in campaigns for local officials on the secondary ballot. This assertion is accurate.
Some states had delegated the task of creating electoral maps away from (2) and assigned the job to an independent in order to restrict (1)'s influence on the redistricting (3).
1) The gerrymandering
2) State governments
3) the redistricting commission.
Voters adopt modifications to the Texas Constitution in a special election.
Voters decide whether to support or oppose government bodies' borrowing to take on long-term debt under the Constitution.
-Elections triggered by vacancies, summoned by the governor.
The candidates who are running for each organization are chosen by the electorate inside the primary election. Whoever obtains a large number of votes is chosen as the winner.
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A company has determined that if its computer-based manufacturing is not functioning for
12 consecutive hours, it will lose more money that it costs to maintain the equipment. Which of the
following must be less than 12 hours to maintain a positive total cost of ownership?
(A). MTBF
(B). RPO
(C). RTO
(D). MTTR
For the following to maintain a positive total cost of ownership, RTO must be under 12 hours.
Describe RTO.The recovery time objective (RTO) is the longest period of downtime that is tolerable for an application, computer, network, or system following an unanticipated disaster, failure, or similar occurrence. RTO measures the maximum time that can pass between the unexpected breakdown or disaster and the restoration of regular service levels and the restart of routine operations.
RTO identifies a tipping point at which the effects of a disaster or other failure become intolerable. The recovery time objective (RTO) is the maximum period of time, in real-time, that must pass during or after a disaster for a corporation to return to normal operations before suffering unbearable repercussions from the disruption.
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Peter Senge, of M.I.T.,recognized three types of leaders. __________ champion and guide ideas, createa learning infrastructure, and establish a domain for taking action.
A. Local line leaders
B. Executive leaders
C. Internal networkers
D. Shop floor leaders
Option C is the correct choice.
Internal networkers are one of three categories of leaders identified by M.I.T.'s Peter Senge. Learning leaders define a domain for taking action, build a learning infrastructure, and advocate and direct ideas.
MIT's Peter Senge identified three different sorts of leaders. Internal networkers are those who, although having minimal official authority and positional power, gain their influence by the conviction and coherence of their views. These are the people who effect change, support organisational experimentation, and promote the spread of new knowledge.
Reaching out to and making connections with coworkers within your company, even if it's not necessary for your job, is known as internal networking.
An intranet is a private network that is part of an organisation and is used to securely distribute data and computer resources among staff members. Working in groups and holding teleconferences are two other uses for intranets.
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n the u.s. health care system, which of the following creates a separation between financing and delivery?
In the US healthcare system, insurance creates a separation between financing and delivery.
What is Insurance?
Insurance, which takes the form of a policy, is a contract in which the person or entity receives financial protection, or payment from the insurance provider for any harm (large or small) done to their property.
The insurance policy, which offers financial security from upcoming uncertainties, is a legal agreement between the insurer and the insured.
Simply put, insurance is a contract, a binding legal arrangement between the person labelled insured and the insurance provider, also known as the insurer. The insurer agrees in this contract to assist the insured with losses resulting from the occurrence of the contingency. In contrast, the insured makes a payment in exchange for the insurer's commitment.
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unearned revenue is: group of answer choices a customer's promise to pay in the future for services or goods sold a debt owed for renting a building currently a liability created when a business collects cash from customers in advance an amount earned from services to customers
Unearned revenue is the cash acquired from a consumer for goods or offerings that have but to be delivered or produced. Also recognised as deferred revenue, unearned income is recognized as a legal responsibility on a stability sheet and must be earned by means of successfully turning in a product or service to the customer.
Is unearned income a liability?Is unearned income a liability? In short, yes. According to the accounting reporting principles, unearned income ought to be recorded as a liability. If the value was entered as an asset as a substitute than a liability, the business's income would be overstated for that accounting period.
Unearned revenue, sometimes referred to as deferred revenue, is fee acquired by way of a organization from a patron for products or services that will be delivered at some point in the future.
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https://brainly.com/question/5010039#SPJ4sheldon company began year 1 with $1,100 in its supplies account. during the year, the company purchased $3,200 of supplies on account. the company paid $2,000 on accounts payable by year end. at the end of year 1, sheldon counted $1,700 of supplies on hand. sheldon's financial statements for year 1 would show:
Sheldon's first year financial statements show: Material inventory = $1,400. Material cost = $3,200. Debt = $400. Consumable balance at the beginning of the year = $1,200.
Annual purchase = 3,400
Annual payment = $3,000
Inventory counted at the end of the year = $1400
Year 1 Consumables = 1200 + 3400 -1400 = $3,200
Year end debt = $3,400 - $3,000 = $400
Financial statements are often audited by government agencies, accountants, businesses, etc. The primary financial statements of income include the balance sheet, income statement, cash flow statement and change in equity statement. Non-profit organizations use similar but different degrees.
A balance sheet provides an overview of assets, liabilities and equity as a snapshot.
An income statement primarily focuses on the income and expenses of a business during a particular period of time. Subtracting expenses from income gives a breakdown of a company's profits known as net income.
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Jada first refused her brother's request to change the date of their family holiday dinner, but after he threatened to not show up, Jada changed her mind. Which persuasive power did Jada's brother use?
Jada's brother used the persuasive power of coercion to get her to change her mind about the date of their family holiday dinner. Coercion involves using threats or force to make someone comply with your request. In this case, Jada's brother threatened to not show up if she did not change the date, which convinced Jada to comply.
france and the germany both produce rice and computers. france is said to have the comparative advantage in producing rice if
Germany and France both produce computers and rice. If France can create something with a "lower opportunity cost" than Germany, it is considered to have a comparative advantage in manufacturing rice.
Explain the notion behind the comparative advantage?A country has a comparative advantage if it can produce an item or service at a cheaper cost of opportunity than that of other nations.
A trade-off is measured by opportunity cost. A country with a competitive advantages will find the trade-off advantageous. This indicates that the advantages of purchasing its service or product exceed the drawbacks. Comparative advantage is different from superiority in a given field. In fact, someone may possess a comparative advantage in something even if they are utterly untrained in it!Germany and France both produce computers and rice.
Thus, if France can create something with a lower opportunity cost than Germany, it is considered to have a comparative advantage in manufacturing rice.
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