On August 31, 2016, Peter Services received $3,500 in advance of performing the service. Which journal entry is needed to record the receipt of cash?
A) Debit Unearned Revenue $3,500, and credit Cash $3,500.
B) Debit Cash $3,500, and credit Service Revenue $3,500.
C) Debit Unearned Revenue $3,500, and credit Service Revenue $3,500.
D) Debit Cash $3,500, and credit Unearned Revenue $3,500.
D
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Under the UCC, no warranty of title arises unless the contract is in writing
a. True b. False Indicate whether the statement is true or false
The accumulation of past income, natural resources, and financial resources is known as
A. income. B. collected income. C. credit. D. wealth. E. savings.
In eight years, Shu Company plans to receive $11,000 cash from the sale of a machine that has a $16,000 book value.YearFV of $1 at 12% FV of an ordinary annuity at 12% PV of $1 at 12% PV of an ordinary annuity at 12%1 1.120 1.000 0.893 0.893 2 1.254 2.120 0.797 1.690 3 1.405 3.374 0.712 2.402 4 1.574 4.779 0.636 3.037 5 1.762 6.353 0.567 3.605 6 1.974 8.115 0.507 4.111 If the firm is subject to a 30% income tax rate and has a 12% after-tax hurdle rate, the correct discounted net cash flow would be:
A. $3,838. B. $606. C. $5,050. D. $1,414. E. None of the answers is correct.
Which of the following statements about the geographic selectivity offered by newspapers is true?
A. Newspapers provide little geographic selectivity to local advertisers because of their inability to adapt ad campaigns to local market conditions. B. Newspapers offer less geographic selectivity than most other media. C. Newspapers offer advertisers more geographic selectivity than direct mail. D. Newspapers in large cities provide very little geographic selectivity to advertisers. E. Newspapers provide geographic selectivity by creating strong sales potential in a particular area for national advertisers.