On December 1, Orenthal Marketing Company received $3,600 from a customer for a 2-month marketing plan to be completed January 31 of the following year. The cash receipt was recorded as unearned fees. The adjusting entry for the year ended December 31 would include:
A. a credit to Earned Fees for $3,600.
B. a debit to Earned Fees for $1,800.
C. a debit to Earned Fees for $3,600.
D. a debit to Unearned Fees for $1,800.
E. a credit to Unearned Fees for $1,800.
Answer: D
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The average cost method of process costing differs from the FIFO method of process costing in that the average cost method:
a. Requires that ending work in process inventory be stated in terms of equivalent units of production. b. Can be used under any cost-flow assumption. c. Does not consider the degree of completion of beginning work in process inventory when computing equivalent units of production. d. Considers the ending work in process inventory only partially complete.
Based on the above information only, what amount of net cash flow would be shown in the financing section of the statement of cash flows?
Washington Company is preparing its statement of cash flows using the indirect method. Refer to the following portion of the comparative balance sheet:
Additional information provided by the company includes the following:
1. During 2019, the company repaid $38,000 of long-term notes payable.
2. During 2019, the company borrowed $27,000 on a new long-term note payable.
A) $(11,000)
B) $11,000
C) $65,000
D) $(65,000)
Which of the following statements describes how losses will be settled if a property insurance policy is written on a replacement cost basis?
A) Losses are settled without the applicable deductible. B) Losses are settled without a deduction for depreciation. C) The insurer must replace the damaged or destroyed property in lieu of a cash settlement. D) The policy is converted to a valued policy.
SNMP was designed for
a. text-based electronic mail b. electronic mail with attached files c. network management d. transferring files