At Sea, a cruise industry magazine, collected $480,000 in subscription revenue in May. Each subscriber will receive an issue of the magazine for each of the next 12 months, beginning with the June issue. The company uses the accrual basis of accounting
Provide the adjusting entry needed on June 30. (Ignore explanation). Assume the magazine initially records a liability for the subscription revenue.
What will be an ideal response
Unearned Revenue 40,000
Subscription Revenue 40,000 .Monthly subscription amount = $480,000 / 12 months = $40,000
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In general, businesses in high-share positions in growing or mature markets will use defensive strategic market plans to maintain cash flow that supports short-run profit performance and shareholder value
Indicate whether the statement is true or false
To achieve effectiveness, forcefulness or aggressive actions on the part of a leader must be viewed as ______ by followers.
a. incongruous b. authentic c. nice d. deserved
Which of the following statements is true?
A. Closing entries are only necessary if errors have been made. B. By using a work sheet to prepare adjusting entries you need not post these entries to the ledger accounts. C. A post-closing trial balance should include only permanent accounts. D. Retained earnings must be closed each accounting period. E. The work sheet can be substituted for preparing financial statements.
Who is most likely to have strong strategy implementation capabilities?
A. Maria can complete a job in half the time as her colleagues. B. Valery typically probes with tough, incisive questions. C. Greg is often sympathetic to his team members' problems and shortcomings. D. Chong advocates promoting qualified people from within the firm. E. Jorge prefers to launch, manage, and complete projects by himself.