Homework Answers
Cash received from customers in advance is recorded as deferred revenue and is reporter on the balance sheet as a liability
When cash is received from customers without providing the service, cash is debited and unearned revenue is credited. Unearned revenue is recognized on the financial statement when the services are provided.
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8 poin Question 29 Cash received from customers in advance is recorded as and is reported...
When cash is received in advance of a performance obligation being satisfied, an) called is recorded....
When cash is received in advance of a performance obligation being satisfied, an) called is recorded. Multiple Choice liability; Deferred Revenue O liability: Accounts Receivable asset; Deferred Revenue O asset; Accounts Receivable
QUESTION 14 During April 2020, a company had the following transactions: Credit sales of $2,400 (cost...
QUESTION 14 During April 2020, a company had the following transactions: Credit sales of $2,400 (cost of goods sold $1,000). Received $300 from a customer for services that will be provided in May. Purchased inventory for $4,500 paid $2,700 and the rest will be paid in 30 days. Purchased and paid $560 supplies still on hand Paid $960 in wages Net cash flow from operating activities for April 2020 is? ОА ов. Ос. OD. cash outflow of $3.920 cash outflow...
1. Fees received in advance from clients $6,000, which were recorded as revenue. 2. Services performed...
1. Fees received in advance from clients $6,000, which were
recorded as revenue.
2. Services performed for clients that were not recorded by
December 31, $4,900.
3. Bad debt expense for the year is $1,430.
4. Insurance expired during the year $480.
5. Equipment is being depreciated at 10% per year.
6. Perez gave the bank a 90-day, 10% note for $7,200 on December 1,
2020.
7. Rent of the building is $750 per month. The rent for 2020 has...
Each of the following accounts would find its balance reported on either the income statement or...
Each of the following accounts would find its balance reported on either the income statement or balance sheet Required: For each account, indicate which of these financial statements the account's balance should be reported on. In addition, if the account's balance should be found on the balance sheet, further indicate if it is found in the asset, liability, or owners' equity section. There is only one possible answer for each account. Example: Cash = Balance Sheet-asset Utilities Expense Choose... Retained...
Summer Leasing received $11,600 from a customer to cover 24 months of rent in advance. How...
Summer Leasing received $11,600 from a customer to cover 24 months of rent in advance. How should Summer record this transaction? Multiple Choice Debit Cash; credit Service Revenue Debit Cash; credit Deferred Revenue Debit Rent Expense; credit Cash Debit Prepaid Rent; credit Rent Expense
Indicate whether each of the following would be reported in the financial statements as a (a)...
Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: 1. Truck 2. Accumulated Depreciation 3. Telephone Expense 4. Fees Earned 5. Wages Payable 6. Prepaid Insurance 7. Office Supplies 8. Dining Expense 9. Unearned Rent The revenue recognition principle a. states that revenue is not recorded until the cash is received Ob. determines when revenue is credited to...
8 pt During the year, X Company sold merchandise on account to customers for $405,000. The...
8 pt During the year, X Company sold merchandise on account to customers for $405,000. The company collected $386,000 in cash from customers during the year. Which of these amounts appears on the Income Statement and which appears on the Statement of Cash Flows? 10.AO $19,000 appears on the Income Statement and $386,000 appears on the Statement of Cash Flows BO $405,000 appears on both statements CO $386,000 appears on the Income Statement and $405,000 appears on the Statement of...
J e received P 1.200,000 from its students for the spring semester that recorded in Uncanned...
J e received P 1.200,000 from its students for the spring semester that recorded in Uncanned buition and Fees The term spans four months beginning on January 2 and the college spread the revenue evenly over the months of the term Asuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on February 28? AP 300,000 BP 600,000 C.P 800,000 D.P 900,000 E.P 1.200.000 15. Unpaid water bill was not recorded. Which of the following...
The Present Times Newspaper Company showed a $14,000 liability in its 2020 balance sheet for subscription...
The Present Times Newspaper Company showed a $14,000 liability in its 2020 balance sheet for subscription revenue received in advance. During 2021, $60,000 was received from customers for subscriptions and the 2021 income statement reported subscription revenue of $25,000. What is the liability amount for deferred subscription revenue that will appear in the 2021 balance sheet? a.$0. b.$11,000. c.$49,000. d.$71,000.
If a business has received cash in advance of services performed and credits a liability account,...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
When cash is received in advance of a performance obligation being satisfied, an) called is recorded. Multiple Choice liability; Deferred Revenue O liability: Accounts Receivable asset; Deferred Revenue O asset; Accounts Receivable
QUESTION 14 During April 2020, a company had the following transactions: Credit sales of $2,400 (cost of goods sold $1,000). Received $300 from a customer for services that will be provided in May. Purchased inventory for $4,500 paid $2,700 and the rest will be paid in 30 days. Purchased and paid $560 supplies still on hand Paid $960 in wages Net cash flow from operating activities for April 2020 is? ОА ов. Ос. OD. cash outflow of $3.920 cash outflow...
1. Fees received in advance from clients $6,000, which were
recorded as revenue.
2. Services performed for clients that were not recorded by
December 31, $4,900.
3. Bad debt expense for the year is $1,430.
4. Insurance expired during the year $480.
5. Equipment is being depreciated at 10% per year.
6. Perez gave the bank a 90-day, 10% note for $7,200 on December 1,
2020.
7. Rent of the building is $750 per month. The rent for 2020 has...
Each of the following accounts would find its balance reported on either the income statement or balance sheet Required: For each account, indicate which of these financial statements the account's balance should be reported on. In addition, if the account's balance should be found on the balance sheet, further indicate if it is found in the asset, liability, or owners' equity section. There is only one possible answer for each account. Example: Cash = Balance Sheet-asset Utilities Expense Choose... Retained...
Summer Leasing received $11,600 from a customer to cover 24 months of rent in advance. How should Summer record this transaction? Multiple Choice Debit Cash; credit Service Revenue Debit Cash; credit Deferred Revenue Debit Rent Expense; credit Cash Debit Prepaid Rent; credit Rent Expense
Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, plant, and equipment, (c) current liability, (d) revenue, or (e) expense: 1. Truck 2. Accumulated Depreciation 3. Telephone Expense 4. Fees Earned 5. Wages Payable 6. Prepaid Insurance 7. Office Supplies 8. Dining Expense 9. Unearned Rent The revenue recognition principle a. states that revenue is not recorded until the cash is received Ob. determines when revenue is credited to...
8 pt During the year, X Company sold merchandise on account to customers for $405,000. The company collected $386,000 in cash from customers during the year. Which of these amounts appears on the Income Statement and which appears on the Statement of Cash Flows? 10.AO $19,000 appears on the Income Statement and $386,000 appears on the Statement of Cash Flows BO $405,000 appears on both statements CO $386,000 appears on the Income Statement and $405,000 appears on the Statement of...
J e received P 1.200,000 from its students for the spring semester that recorded in Uncanned buition and Fees The term spans four months beginning on January 2 and the college spread the revenue evenly over the months of the term Asuming the college prepares adjustments monthly, what amount of tuition revenue should the college recognize on February 28? AP 300,000 BP 600,000 C.P 800,000 D.P 900,000 E.P 1.200.000 15. Unpaid water bill was not recorded. Which of the following...
If a business has received cash in advance of services performed and credits a liability account, the adjusting entry needed after the services are performed will be: O debit Unearned Service Revenue and credit Service Revenue. O debit Unearned Service Revenue and credit Accounts Receivable. O debit Unearned Service Revenue and credit Prepaid Expense. O debit Unearned Service Revenue and credit Cash.
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