Landline Should Go For Net Revenue The accounting issue at hand in this case is revenue. Landline is offering call routing services for PRU and the former entity has to make some receipts from the services rendered. To put the issue at hand in context‚ revenue is generally the income received by any company from selling goods or services. In abroad sense‚ revenue is the income received by any commercial institution for the goods sold or services rendered. It is basically the incoming receipts
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Grade Details - All Questions-Unit 6 | 1. | Question : | On March 1‚ a company collects revenue in advance for the next twelve months and credits a liability account. The adjusting entry at year end on the work sheet would | | | Student Answer: | | increase a liability account | | | | decrease an asset account | | | | decrease a revenue account | | | | decrease a liability account | | | | | 2. | Question : | The income statement is prepared from:
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Roll No. 1305015785 Name of the Student: Pallab Kakoti Email id: ksetrajna@gmail.com Mobile : 958 256 3250 Q1. Accounting is one of the oldest‚ structured management information system. Give the meaning of accounting and book keeping? Explain the objectives of accounting? Accounting‚ as an information system is the process of identifying‚ measuring and communicating the economic information of an organization to its users who need the information for decision making. American Institute
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000 x 9% = $61‚200 61‚200 dr 61‚200 cr Actual return 52‚280 cr 52‚280 dr Unexpected gain/ loss Amortization of PSC 17‚000 dr. 17‚000 cr Contributions 65‚000 cr 65‚000 dr Benefits 40‚000 dr 40‚000 cr Journal entry for 2012 83‚920 dr 65‚000 cr 103‚000 dr 121‚920 cr Accumulated OCI‚ Jan. 1‚ 2012 -0- Balance‚ Dec. 31‚ 2012 103‚000 dr 135‚720 cr 759‚200 cr 623‚480 dr E20-7 Continued Pension Expense 83‚920 OCI (PSC) 103‚000 Cash
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providers similar to accounting‚ legal and contracting firms that accept deposits should record these deposits as unearned revenue as well. On the contrary‚ once the services and products are complete the company should properly adjust the previous entry of unearned revenue and report the deposit or payment as earned revenue. According to the text unearned revenue is a liability because although the customer purchased the item technically the item has not been claimed. There are many things that
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into the area of corporate responsibility. While the entry-level camera contributes to higher revenue‚ the multi feature camera leads to a higher profit margin. Therefore‚ BroadScope continues to prioritize development and marketing for the multi feature camera‚ while not jeopardizing the entry-level cameras outlook. Quality improvements will continue gradually‚ as the increase in revenues allows. The thinking here is that a shift from entry-level to multi feature development expenses should help
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Answer Close ------------------------------------------------- Top of Form Problem 3-1A Post the adjusting entries to the ledger accounts. Enter the totals from the trial balance as beginning account balances. (Post entries in the order of journal entries posted in the previous part of the question.) Cash | | | | No. 101 | Date | Explanation | Ref | Debit | Credit | Balance | June 30 | Balance | √ | | | | Accounts Receivable | | | | No. 112 | Date | Explanation | Ref | Debit
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primer ($50)‚ and clear coat ($50) totaling $475 for new products. Example of journal entry for balance sheet Equation: 475 of new assets= 475 the cost of product + 0 equality Date Description Debit Credit Feb 12 Supplies 475 Cash 475 The body shop is able to now complete 5 vehicles paint jobs for $250‚ $225‚ $200‚ $230‚ and $240 totaling $1‚145. Example of journal entry for income statement New equation: 1‚145 (amount paid to shop) = 475 (supplies) + 670
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328 ® Exam 2 Part 1 – 60% Name of Company – Each student can make up a company name Type of business – service company •sole proprietorship Chart of Accounts – see below. The numbers correspond to dates in the month of February (Use journal entries only) 1. Initial capital of $100‚000 2. Prepaid rent - $19‚200 for 2 years 3. Prepaid insurance - $24‚000 for 2 years 4. Purchased a desk on account for $500 5. Purchased office supplies for $950 6. Sold 20 bicycles @ $350
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There is ACC 205 Week 4 Assignment P7-31A‚ P8-32A‚ P8-26A‚ P8-27A‚ P7-27A in this pack. Deadline: ( )‚ Business - Accounting Week1 D1: As you have learned in this week’s readings the Accounting Equation is + Owners’ Equity. Is the accounting equation true in all instances? Provide sample transactions from your own experiences to demonstrate the validity of the Accounting Equation. D2: What does the term account mean? What are the different classifications of accounts? How do
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