Feb 26- received $300 from a customer as a down payment on work to be undertaken on repairs to a cell. Is that unearned revenue.

Answers

Answer 1

Answer: If that work is done than it's revenue or if the work is going to happen in future then it's unearned revenue.

Related Questions

Darwin is a 60-year-old software engineer for Compuswerve, Inc. Recently, the company went through a reorganization process meant to revamp the business and the work it does. The directors want to rework the company as a fresh, hip business with cutting-edge knowledge from young, creative-minded employees. Obviously, Darwin doesn’t fit into the directors’ vision, so the managers wish to replace him. Sure enough, a few weeks later Compuswerve hires some new employees, and Darwin is offered a severance plan and dismissed.1. Which of the following, if true, would legally support the company’s decision to fire and replace Darwin? Check all that apply.a. if the company had fewer than 20 employeesb. if Darwin needed a reasonable accommodation to perform his job due to a disabilityc. if Darwin planned to retire in less than five yearsd. if Darwin was unable to perform the essential functions of his jobe. if Darwin had another job offer elsewheref. if the company was a private (non-governmental) organizationg. if there were more highly skilled workers in the organization who could take his place2. Which law prevents employees like Darwin from discrimination in employment?a. ADEAb. Title VIIc. Affirmative actiond. ADA3. Are the company’s actions permissible, considering its mission and vision?a. No, because Darwin was treated less favorably than younger employees based solely on his age.b. Yes, because age is not a protected class in employment law.c. No, because Darwin was not given compensation or allowed adequate time to find another job.d. Yes, because the company is private and therefore has the right to hire or fire whomever they want to.
Equestrain Roads sold $120,000 of goods and accepted the customer's $120,000 10%, 1-year note in exchange. Assuming 10% approximates the market rate of return, how much interest revenue would be recorded for the year ending December 31 if the sale was made on June 30
Plush Corporation purchased 100 percent of Common Corporation’s common stock on January 1, 20X3, and paid $450,000. The fair value of Common’s identifiable net assets at that date was $430,000. By the end of 20X5, the fair value of Common, which Plush considers to be a reporting unit, had increased to $485,000; however, Plush’s external auditor made a passing comment to the company’s chief accountant that Plush might need to recognize impairment of goodwill on one or more of its investments.Prepare a memo to Plush’s chief accountant indicating the tests used in determining whether goodwill has been impaired. Include in your discussion one or more possible conditions under which Plush might be required to recognize impairment of goodwill on its investment in Common Corporation.In preparing your memo, review the current accounting literature, including authoritative pronouncements of the FASB and other appropriate bodies. Support your discussion with citations and quotations from the applicable literature.
Next year Baldwin plans to include an additional performance bonus of 0.25% in its compensation plan. This incentive will be provided in addition to the annual raise, if productivity goals are reached. Assuming the goals are reached, how much will Baldwin pay its employees per hour?Select: 1$28.22$31.04$28.15$29.63
"Suppose that a worker in Lago can produce either 5 units of oats or 20 pounds of tuna per year, and a worker in Abuta can produce either 20 units of oats or 5 pounds of tuna per year. There are 20 workers in each country. No trade occurs between the two countries. Lago produces and consumes 50 units of oats and 200 pounds of tuna per year while Abuta produces and consumes 200 units of oats and 50 pound of tuna per year. If trade were to occur, Lago would trade 60 pounds of tuna for 60 units of oats. If Lago now completely specializes in tuna production, how many pounds of tuna could it now consume along with the 60 units of imported oats?"

Sandhill Company reports the following operating results for the month of August: sales $382,500 (units 5,100), variable costs $245,000, and fixed costs $98,000. Management is considering the following independent courses of action to increase net income.1. Increase selling price by 16% with no change in total variable costs or units sold.
2. Reduce variable costs to 59% of sales.
Compute the net income to be earned under each alternative.
1. Net Income
$enter a dollar amount
2. Net Income
$enter a dollar amount
Which course of action will produce the higher net income? select an option

Answers

Answer:

Results are below.

Explanation:

Giving the following information:

Sales $382,500 (units 5,100 $75 per unit)

variable costs $245,000 (48.04 per unit)

fixed costs $98,000.

Option 1:

Increase selling price by 16%.

New selling price= 75*1.16= 87

Sales= 5,100*87= 443,700

variable costs= (245,000)

fixed costs= (98,000)

Net income= 100,700

2. Reduce variable costs to 59% of sales.

Contribution margin= (382,500*0.41)= 156,825

fixed costs= (98,000)

Net income= 58,825

The most profitable option is the first one.

Reuben Corporation holds assets with a fair value of $150,000 and a book value of $125,000 and liabilities with a book value and fair value of $50,000. What balance will be assigned to the noncontrolling interest in the consolidated balance sheet if Holmes Company pays $90,000 to acquire 75 percent ownership in Reuben and goodwill of $20,000 is reported

Answers

Answer:

$30,000

Explanation:

Fair value of equity = Fair value of Assets - Fair value of liabilities

Fair value of equity = $150,000 - $50,000

Fair value of equity = $100,000

Holmes Company pays $75,000 to acquire 75% of Equity

Holmes Company pays $15,000 for 75% of goodwill

Non controlling interest = 25% of Equity + 25% of Goodwill

Non controlling interest = 0.25*($100,000) + 0.25*($20000)

Non controlling interest = $25,000 + $5,000

Non controlling interest = $30,000

A rumor of "right sizing" at Ojai's engineering firm has him and his wife, Kaya, concerned about their preparation for meeting financial emergencies. Help them calculate their net worth or complete Worksheet 4, and calculate and interpret the current ratio, given the following assets and liabilities:Checking account ………………… $2,000Savings account ………………….. $4,000
Stocks ……………………………. $8,000
Utility bills ………………………. $500
Credit card bills …………………. $1,000
Auto loan ……………………….. $2,600

Answers

Answer:

Explanation:

Net assets = Total assets - Total debt

We know:

Checking account ………………… $2,000

Savings account ………………….. $4,000

Stocks ……………………………. $8,000

Utility bills ………………………. $500

Credit card bills …………………. $1,000

Auto loan ……………………….. $2,600

Let's classify them as asset or liability:

Assets: Checking account, Stocks, Savings account = 2000+4000+8000=14000

Liability: Utility bills, Credit card bills, Auto loan = 500+1000+2600=4100

So, net worth is 14000-4100=9900

Current ratio = Monetary assets/ Current liabilities;

Monetary assets = 2000+4000 = 6000

Current liabilities = 1000 + 500 = 1500

Current ratio = 6000/1500 = 4

Rosa and Nick need to decide which one of them will take time off from work to complete the rather urgent task of digging postholes for their new fence. Rosa is pretty good with a post auger; she can dig the holes in 1 hour. Nick is somewhat slow; it takes him 6 hours to dig the holes. Rosa earns $120 per hour as a psychiatrist, while Nick earns $15 per hour as a cobbler. Keeping in mind that either Rosa or Nick must take time off from work to dig the holes, who has the lowest opportunity cost of completing the task?

Answers

Answer:

Nick has lower opportunity cost.

Explanation:

Rosa can dig holes in 1 hour.

Nick is slow and takes 6 hours to dig the holes.

Rosa earns $120 per hour.

Nick earns $15 per hour.

The opportunity cost of digging holes for Rosa is $120 that she could have earned in that 1 hour.

The opportunity cost for Nick is

= $15 × 6

= $90

It is evident that Nick has a lower opportunity cost.

When using a perpetual inventory system and the weighted-average inventory costing method, a new weighted-average cost per unit is computed __________ each __________.

Answers

Answer:

After each purchase

Explanation:

perpetual inventory system can be regarded as a kind of inventory management that utilize technology in the documentation of real-time transactions whenever stock is received or sold, this method is reliable and the efficiency is high compare to

periodic inventory system. It should be noted that When using a perpetual inventory system and the weighted-average inventory costing method, a new weighted-average cost per unit is computed after each purchase. perpetual inventory system can be use by gocesory stores.

While Mary Corens was a student at the University of Tennessee, she borrowed $8,000 in student loans at an annual interest rate of 9%. If Mary repays $1,600 per year, then how long (to the nearest year) will it take her to repay the loan? Do not round intermediate calculations. Round your answer to the nearest whole number.