Answer:
d. $9,000; $9,000
Explanation:
As cash received on January 1 in advance to provide service in one year which is completed on December 31. So all the Unearned revenue is recognized because service for 12 month has been performed so whole amount will be reported in Income statement for the year ended December 31. Only cash received is from the service revenue activity so, it is also reported as $9,000. correct option is d. $9,000; $9,000.
Answer:
Compromising and collaborating are the strategies that should be used.
Explanation:
Collaboration can be understood as the procedure of two and more individuals entities, or organisations cooperating to complete a task or achieve an objective.
Cooperation and collaboration are two terms that are often used interchangeably. Most collaborations necessitate leadership, albeit it might take the character of social governance within a decentralized and democratic organisation.
To compromise would be to reach an agreement between two or more parties in which each party relinquishes a portion of its claim. Compromise is the idea of reaching an arrangement through negotiation in a disagreement.
Answer: b. The company did not define its business in terms of the benefits customers seek.
Explanation:
In order for a business to make money, it needs to provide its customers with what they want not what the company wants the customers to want.
In this scenario, people switched to shampoos that could be used by people of all ages instead of just small children because this is what they wanted but not what the company provided. If the company had defined its business in terms of what their customers wanted, they would have made an all age shampoo which would have been bought.
Answer:
Debit : Accounts Receivables : $695,800
Debit : Service Charge Expense : $14,200
Credit : Sales : $710,000
Explanation:
Factoring is a process by which a business sells its accounts receivables to a third party (factor) at a particular discount or service charge. Factoring generally occurs when a business wants to meet it’s immediate cash requirements. The factoring company in this case, charges 2% service fee of $710,000 accounts receivables. In monetary terms this is : 710,000 x 2% = $14,200. This amount would be an expense incurred by the business. The double entry to record this transaction in the books of the business is as follows:
Debit : Accounts Receivables : $695,800
Debit : Service Charge Expense : $14,200
Credit : Sales : $710,000
Answer:
$6,200
Explanation:
Beginning Work in progress $15,000 $8,000
Units started $60,000 $38,500
Total process $75,000 $46,500
Less: Units transferred to tax $65,000
Ending work in progress $10,000
Average cost method material cost of work in progress = Material cost ÷ Total units
$46,500 ÷ $75,000
= $0.62
Material cost of work in progress = $0.62 × $10,000
= $6,200
