Countertrade is losing its importance in international trade.
Answer the following statement true (T) or false (F)
False
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Ted Catering received $840 cash in advance from a customer for catering services to be provided in three months. Determine the general journal entry that Ted Catering will make to record the cash receipt. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts.
A.
| Cash | 840? | |
| Accounts Receivable | 840? |
B.
| Accounts Receivable | 840? | |
| Catering Revenue | 840? |
C.
| Unearned Catering Revenue | 840? | |
| Catering Revenue | 840? |
D.
| Cash | 840? | |
| Catering Revenue | 840? |
E.
| Cash | 840? | |
| Unearned Catering Revenue | 840? |
Which of the following is a theory that looks at how people compare their inputs to their outcomes?
A. expectancy theory B. equity theory C. needs theory D. goal setting theory
The balance sheet of Old Gold Mines, a gold mining company, for the year ended June 30, 20x1, showed current assets of $6 million, noncurrent assets of $49 million, noncurrent liabilities of $14 million, and current liabilities of $4 million. Compute the amount of shareholders' equity on Old Gold Mines' balance sheet at the end of 20x1
a. $14 million b. $27 million c. $33 million d. $37 million e. $41 million
Dynamic Landscaping Company has the right to enter onto Eden's land and remove topsoil from certain acreage. This is A) a fee simple absolute
B) a license. C) an easement. D) a profit.