Homework Answers
Answer: an increase in revenue
Explanation:
As soon as goods are sold and delivered as per the terms of sale, the right to receive the amount arises and the revenue can be accrued. This is of course true only for accrual based accounting.
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Question 3 (1 point) v Saved On November 6th, East Salvage Co. sells and delivers $4,000...
Please answer all parts of this question. On June 1st, Port Boats Co. pays $9,000 to...
Please answer all parts of this question.
On June 1st, Port Boats Co. pays $9,000 to rent a boat slip for the months of June, July, and August. On June 1st, Port Boats Co. records O no change in expense. O an increase in expense. O a decrease in expense. On June 1st, Port Boats Co. pays $9,000 to rent a boat slip for the months of June, July, and August. On June 30th, Port Boats Co. records O a...
Question 6 (1 point) On February 20th, Puzzle Inc. receives a custom order and the customer...
Question 6 (1 point) On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the customer. On February 20th, Puzzle Inc. records O a decrease in cash O an increase in cash. no change in cash. Question 7 (1 point) Saved On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the...
Question 1 (1 point) v Saved During September, Red Shelf Inc. uses $600 of utilities. Red...
Question 1 (1 point) v Saved During September, Red Shelf Inc. uses $600 of utilities. Red Shelf Inc. pays its utility bill on October 20th. On October 20th, Red Shelf Inc. records an increase in utilities payable. O no change in utilities payable. O a decrease in utilities payable.
Please answer all parts of this question. During September, Red Shelf Inc. uses $600 of utilities....
Please answer all parts of this question.
During September, Red Shelf Inc. uses $600 of utilities. Red Shelf Inc. pays its utility bill on October 20th. On October 20th, Red Shelf Inc. records O no change in utilities expense. O a decrease in utilities expense. O an increase in utilities expense. During September, Red Shelf Inc. uses $600 of utilities. Red Shelf Inc. pays its utility bill on October 20th. On September 30th, Red Shelf Inc. records O no change...
Question 1 (1 point) Saved What is the effect of the following business activity on the...
Question 1 (1 point) Saved What is the effect of the following business activity on the element indicated? Provided services to a customer who paid $1,2000 in advance last month. --- Assets 1) increase to one and decrease to another 2) decrease 3) no effect O 4) increase Question 2 (1 point) What is the effect of the following business activity on the element indicated? You receive $900 from a customer for services to be performed next month. --- Revenue...
Question 1 (1 point) Saved Which of the following is not an objective of the federal...
Question 1 (1 point) Saved Which of the following is not an objective of the federal income tax law? Stimulate private investment Redistribution of wealth Encourage business activities Support local charities Question 3 (1 point) Roughly how large ( maximum) can your estate be in 2019 and not be subject to estate tax when you die. Assume single and O gifts during life-time. 11 million 5 million 15 million All estates will owe estate tax There is no estate tax...
Questions 1-4 Question 3 (1 point) If a good is inferior, then there will be a...
Questions 1-4
Question 3 (1 point) If a good is inferior, then there will be a decrease in supply. an increase in income will have no affect on demand. an increase in income will increase demand. an increase in income will reduce demand Question 4 (1 point) Which of the following would cause a decrease in supply for chicken? A decrease in the price of chicken An increase in technology An increase in the price of hamburger. considered a substitute...
Question 9 (1 point) v Saved Which one of the following accounts shows a balance on...
Question 9 (1 point) v Saved Which one of the following accounts shows a balance on the post-closing trial balance? O Service Revenue O Retained Earnings, beginning of the year O Interest Expense O Common Shares
Question 11 (1 point) Saved As of December 31, 2017, Gill Co. reported accounts receivable of...
Question 11 (1 point) Saved As of December 31, 2017, Gill Co. reported accounts receivable of $216,000 and an allowance for uncollectible accounts of $8,400. During 2018, accounts receivable increased by $22,000 (that change includes $7,800 of bad debts that were written off). An analysis of Gill Co.'s December 31, 2018, accounts receivable suggests that the allowance for uncollectible accounts should be 3 % of accounts receivable. Bad debt expense for 2018 would be: $6.540. $7,800. $7,140. None of these...
Based on the diagram the firm should Question 6 (1 point) v Saved Q1 MR Based...
Based on the diagram the firm
should
Question 6 (1 point) v Saved Q1 MR Based on the diagram, the firm should O leave the price unchanged O raise marginal revenue O lower its price O raise its price lower fixed costs
Please answer all parts of this question.
On June 1st, Port Boats Co. pays $9,000 to rent a boat slip for the months of June, July, and August. On June 1st, Port Boats Co. records O no change in expense. O an increase in expense. O a decrease in expense. On June 1st, Port Boats Co. pays $9,000 to rent a boat slip for the months of June, July, and August. On June 30th, Port Boats Co. records O a...
Question 6 (1 point) On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the customer. On February 20th, Puzzle Inc. records O a decrease in cash O an increase in cash. no change in cash. Question 7 (1 point) Saved On February 20th, Puzzle Inc. receives a custom order and the customer pays $500. On March 17th, Puzzle Inc. delivers the custom order to the...
Question 1 (1 point) v Saved During September, Red Shelf Inc. uses $600 of utilities. Red Shelf Inc. pays its utility bill on October 20th. On October 20th, Red Shelf Inc. records an increase in utilities payable. O no change in utilities payable. O a decrease in utilities payable.
Please answer all parts of this question.
During September, Red Shelf Inc. uses $600 of utilities. Red Shelf Inc. pays its utility bill on October 20th. On October 20th, Red Shelf Inc. records O no change in utilities expense. O a decrease in utilities expense. O an increase in utilities expense. During September, Red Shelf Inc. uses $600 of utilities. Red Shelf Inc. pays its utility bill on October 20th. On September 30th, Red Shelf Inc. records O no change...
Question 1 (1 point) Saved What is the effect of the following business activity on the element indicated? Provided services to a customer who paid $1,2000 in advance last month. --- Assets 1) increase to one and decrease to another 2) decrease 3) no effect O 4) increase Question 2 (1 point) What is the effect of the following business activity on the element indicated? You receive $900 from a customer for services to be performed next month. --- Revenue...
Question 1 (1 point) Saved Which of the following is not an objective of the federal income tax law? Stimulate private investment Redistribution of wealth Encourage business activities Support local charities Question 3 (1 point) Roughly how large ( maximum) can your estate be in 2019 and not be subject to estate tax when you die. Assume single and O gifts during life-time. 11 million 5 million 15 million All estates will owe estate tax There is no estate tax...
Questions 1-4
Question 3 (1 point) If a good is inferior, then there will be a decrease in supply. an increase in income will have no affect on demand. an increase in income will increase demand. an increase in income will reduce demand Question 4 (1 point) Which of the following would cause a decrease in supply for chicken? A decrease in the price of chicken An increase in technology An increase in the price of hamburger. considered a substitute...
Question 9 (1 point) v Saved Which one of the following accounts shows a balance on the post-closing trial balance? O Service Revenue O Retained Earnings, beginning of the year O Interest Expense O Common Shares
Question 11 (1 point) Saved As of December 31, 2017, Gill Co. reported accounts receivable of $216,000 and an allowance for uncollectible accounts of $8,400. During 2018, accounts receivable increased by $22,000 (that change includes $7,800 of bad debts that were written off). An analysis of Gill Co.'s December 31, 2018, accounts receivable suggests that the allowance for uncollectible accounts should be 3 % of accounts receivable. Bad debt expense for 2018 would be: $6.540. $7,800. $7,140. None of these...
Based on the diagram the firm
should
Question 6 (1 point) v Saved Q1 MR Based on the diagram, the firm should O leave the price unchanged O raise marginal revenue O lower its price O raise its price lower fixed costs
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