45% of the requested services performed by the end of September, how would ABC record this revenue

Q: Games Co. has eight employees, each of whom earns $3,500 per month. Income taxes are 20% of gross…

A: Gross Pay: Gross pay is the amount an employee receives for their work that has not had any…

Q: On April 1, Griffith Publishing company received $3,348 from Santa Fe, Inc for 36-month…

A: The question is based on the concept of Financial Accounting.

Q: In January 2014, Victor, Inc. paid property taxes on its factory building for the calendar year 2014…

A: As per Matching Principal we have to match the revenues of a paticulars…

Q: The year-end adjusted trial balance of the Timmons Tool and Die Corporation included the following…

A: Closing Entries:Closing entries are those journal entries which are passed to transfer the balances…

Q: Melrose Milk Delivery provides weekly gourmet milk delivery to the residents of Nicetown. Melrose…

A: When money is received in advance from the customer for the services to be provided in the future,…

Q: Blossom Co. began operations on January 2, 2020. It employs 13 people who work 8-hour days. Each…

A: Paid leave is the leave which is provided to employee in which the employees are eligible to get pay…

Q: On June 1, 2017 Baker received an advance payment of $24,000 from a customer. The payment was for…

A: August 31, 2017, adjusting entry Baker should make related to this advance payment: Revenue per…

Q: McElroy Inc., a marketing consulting firm, entered into the following three revenue contracts in…

A:

Q: On January 1, Fey Properties paid $18,900 for a three-year insurance premium, with coverage…

A: The insurance expense for the month            of  January 31 is as  follows  =   3 × (12…

Q: On August 1, 2018, Avonette, Inc., sold equipment and accepted a six-month, 9%, $50,000…

A: Month from August 1, 2018 to December 31, 2018 = 5 months

Q: Shown below are three independent situations: a.The Prepaid Insurance account had a debit balance…

A: The journal entries are prepared to keep the record of day to day transactions of the business.  The…

Q: McElroy Inc., a marketing consulting firm, entered into the following three revenue contracts in…

A: Computation for the Total Transaction Price  Particulars Amount ($) Price for Contract A…

Q: n December 31, 2021, Sad Inc. had a P3,000,000 balance in advertising expense account before any…

A: The prepaid expenses are the expenses incurred in cash in advance but not yet due for payment.

Q: On January 1, 2017, Jacob Fashions Inc. enters into a contract with a regional retail company to…

A: Journal is one of the basic books in which transactions are recorded in the order in which, they…

Q: Sandusky Co sells computers and provides hardware maintenance services. On May 1st, Sandusky sold a…

A: Revenue allocated to computer =$1000 ×$840$840+$360=$840000$1200=$700 Revenue allocated to…

Q: Baton Company estimates that the amounts for total depreciation expense for the year ending December…

A: For the year ending December 31, depreciation expesne for the year is $120,000 and bonuses to…

Q: Jerome Company has 35 employees who work 8 hours a day and are paid hourly. On January 1, 2018, the…

A: Vacation expenses means where the company provide the full pay on the specified holidays taken by…

Q: Alsup Consulting sometimes performs services for which it receives payment at the conclusion of the…

A: The temporary difference between taxes as per accounting income and taxes asper tax regulation is…

Q: On January 1, 2019, Spring Fashions Inc. enters into a contract with a southeast retail company to…

A: Given that: Number of dresses in the contract = 500 dresses Price per dress = $125 per dress

Q: e year end of GLCN Co is 30 November 2020. The company pays for its electricity by a standing order…

A: The profit and loss account records income and expense on accrual basis that is revenue and…

Q: On April 1, Griffith Publishing Company received $3,258 from Santa Fe, Inc. for 36-month…

A: As per the accrual base system, Revenue should be recognized only for that period, for which…

Q: Adkins Company is hired on December​ 15, 2026 to perform​ services, beginning on December​ 16, 2026.…

A: Service revenue represents the income earned by rendering a service. It is posted in the income…

Q: For the month of September, Statewide Sales Inc. recorded gross pay of $59,750. The net pay for the…

A: Given the following information: Gross pay: $59,750 Net pay: $57,000 The company decided to pay the…

Q: Unearned Service Revenue

A: As per IFRS 15(Revenue From contracts with customers ), an entity need to allocate identify distinct…

Q: Olaf Inc. sells home improvement magazine subscriptions to customers.  On September 30, 2020, the…

A: Given that the company sold 13,500 subscriptions for $16 each. Total amount collected = 13,500 x $16…

Q: On July 15, 2017 Matrix Corp sells 20,000 snoe shovels to a distributor for $15 per shovel. The…

A: Sales Revenue  The total amount of money earned by an organization from the sale of goods or the…

Q: Garn Corp. has six employees. Each earns $500 per week for a five day work week payable every…

A:

Q: Capital, a business magazine, collected $480,000 in subscription revenue on May 31. Capital earns a…

A: Formula: Unearned revenue = Revenue collected x (Remaining months in a year / 12 months) Number of…

Q: IP Company pays for purchases of materials in full in the month following the purchase. During the…

A: Definition: Following month means next month. Example Goods bought on January month and payment on…

Q: On January 1, Eastern college received $1,300,000 from its students for the spring semester that it…

A: As per the revenue recognition principle revenue should be recognized when it actually earned by the…

Q: The following information is available for M&M Johnson Inc.: The December 31, 2020, supplies…

A: Adjusting journal entry is the entry which is made at the end of the financial year to record the…

Q: The following items relate to Unearned Sales Revenue: Date Customer Name Details/Comments Received…

A: >Based on the accrual concept of accounting applied with revenue recognition principal:--the…

Q: The following data are taken from an unadjusted trial balance at December 31, 2015: $ 600 Prepaid…

A: Solution               a) Adjusting entries in journal format       Particulars…

Q: Real Losers, a diet magazine, collected P360,000 in subscription revenue in May. Each subscriber…

A: Answer -   Working - Subscription revenue received for 12 months = $360,000   Subscription revenue…

Q: On August 1, 2018 Risky Ventures paid $2,400 for insurance coverage for twelve months of coverage…

A: Prepaid Insurance Amount = 2,400 Period for which insurance expense paid = 12 Months Period Expired…

Q: The year end of M Inc is 30 November 20X0. The company pays for its gas by a standing order of $600…

A: We have the following information The company pays for its gas by a standing order of $600 per…

Q: On April 1, Year 1, TFC Inc. accepted a $12,000 advance payment for maintaining a customer's fleet…

A: Total Months = 12 April 1 to May 31 = 2 months Revenue per month = Total amount rceived / Total…

Q: Lee Cheol San Company pays commissions to its sales staff at the rate of 3% of net sales. Sales…

A: Expenses means the amount spent on running the business where as income means the amount earned…

Q: On May 1, 2018,Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The…

A:

Q: Iris Company operates a retail store and must determine the proper December 31, 2014 year-end…

A: Accrued liabilities are those liabilities for expenses which are incurred or expensed in current…

Q: On September 1, Wright Magazine Company receives annual subscriptions totaling $601,500. The first…

A: total months in a year =12

Q: On November 1, 2020, a company using accrual accounting, pays $640,000 for a television advertising…

A: Income statement: The income statement determines the net income of the business by subtracting the…

Q: On November 1, 2018, a company using accrual accounting, pays $900,000 for a television advertising…

A: Under accrual accounting, only the expenses and revenues that are expired during period are to be…

Q: Shields Company is preparing its interim report for the first quarter ending March 31. The following…

A: The amount that will be reported in the first quarter =( $800000 + $350000 +$260000)/4  = $352500

Q: On June 1, one company collected total subscriptions of $22,800 in which they promise to deliver of…

A: From June 1 to December 31 = 7 months Subscription revenue has been earned for 7 months and remains…

Q: The following information is available for M&M Johnson Inc.: The December 31, 2020, supplies…

A: The adjustment entries are made to adjust the revenues and expenses of the current year.