Which of the following do not apply to unearned revenues?
A. Also called deferred revenues.
B. Also called collections in advance.
C. Also called prepayments.
D. Amounts received in advance from customers for future delivery of products or services.
E. Amounts to be received in the future from customers for delivery of products or services in the current period.
Answer: E
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Which of the following is/are not a shortcoming of the direct write-off method?
a. It provides firms with an opportunity to manage earnings each period by deciding when particular customers' accounts become uncollectible. b. It does not usually recognize the loss from uncollectible accounts in the period in which the sale occurs and the firm recognizes revenue. c. The amount of accounts receivable on the balance sheet does not reflect the amount a firm expects to collect in cash. d. It is the method required for income tax reporting in the United States. e. none of the above.
Wasilko Corporation produces and sells one producta.The budgeted selling price per unit is $114. Budgeted unit sales for February is 9,900 units. b.Each unit of finished goods requires 6 pounds of raw materials. The raw materials cost $4.00 per pound. c.The direct labor wage rate is $24.00 per hour. Each unit of finished goods requires 2.4 direct labor-hours. d.Manufacturing overhead is entirely variable and is $9.00 per direct labor-hour. e.The variable selling and administrative expense per unit sold is $1.60. The fixed selling and administrative expense per month is $70,000. The estimated net operating income (loss) for February is closest to:
A. $91,080 B. $21,080 C. $50,000 D. $36,920
Provide the line by line format of the Statement of Cash Flows.
What will be an ideal response?
In a joint venture, the authority of one member to bind the partnership is more limited than in a general partnership
a. True b. False Indicate whether the statement is true or false