A client pays a company the full 12000.

Descriptions: On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what’s the unearned revenue as of December 31. More : On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what’s the unearned revenue as of December 31.The company desires to maintain a cash cushion of $10,000. Funds are assumed to be borrowed, in increments of $2,000, and repaid on the last day of each month; the interest rate is 1 percent per month. ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned ...Descriptions: On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what’s the unearned revenue as of December 31. More : On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what’s the unearned revenue as of December 31. On October 1, a client pays a company the full $12,000 balance of a year long contract. Using the Accrual method, what's the unearned revenue as of December31? Here’s the best way to solve it. Expert-verified. 98% (41 ratings) Are you a freelance writer looking to attract more clients and build a successful career? Look no further than WriterBay. With its vast pool of clients and user-friendly interface,...

Sep 23, 2023 · The business's assets (cash or bank account) are first reduced by $12,000 when it pays $12,000 ($1,000 per month) for one year's rent in advance on January 1.At the end of January, an adjustment entry is made to reflect this: As the question says, a total of $35,000 is paid for 12,000 square feet of space and that the rent is apportioned on the basis of space. Department One occupies 2,400 square feet of that space. Calculating the proportion it occupies is, = 2,400/12,000 = 20% . Since it occupied 20% of the total space then it should be charged 20% of the rent bill.

Jul 25, 2022 · On October 1, a client pays a company the full $12,000 balnace of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31? a. $0 b. $1,000 c. $5,000 d. $9,000 e. $12,000

On October 1, a client pays a company the full $12,000 for a year-long contract. Using the accrual method, we spread this revenue over the 12 months it covers. By December 31, three months have passed, equating to a quarter of the contract term. As such, the company has earned one quarter of the payment, which is $3,000 ($12,000 / 4).A company pays $18,000 in interest on notes, consisting of $12,000 interest that was accrued during the last accounting period and $6,000 of interest that accumulated during the current accounting period but has not yet been accrued on the books. ... a client pays a company the full $12,000 balance of a year-long contract. Using the accrual ...On-demand pay is a popular company benefit offering for employees. Learn what on-demand pay is and how to implement it for your company. Human Resources | What is WRITTEN BY: Charl...The business's assets (cash or bank account) are first reduced by $12,000 when it pays $12,000 ($1,000 per month) ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31.Groro Company bills a client $55,000 for services provided and agrees to accept the following three items in full payment (1) $30,000 cash, (2) $55,000 of equipment, and (3) $30,000 note payable owed on the equipment (a) Analyze the transaction using the accounting equation (6) Record the transaction in Journal entry form (c) Post the entry …

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On October 1, Hughes Company paid $12,000 for two years of insurance in advance. Hughes Company recorded the transaction by debiting Prepaid Insurance and crediting Cash. Required: Journalize the adjusting entry on December 31. Intermediate Accounting: Reporting And Analysis. 3rd Edition. ISBN: 9781337788281.

Unearned revenue is the amount received from a client for a service that has yet to be rendered. On October 1 , a client pays a company the full $ 12,000 balance of a yearlong contract. Using the accrual method, what's the unearned revenue as of December 31.On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31. verified. Verified answer. A company sells 10,000 shares of previously authorized stock at the par value of $10 per share. What's the correct entry to record the transaction?May 11, 2022 · Note that in this scenario, revenues and expenses should be recognized in the same period. So, By the use of accrual method, the unearned revenue as of December 31 1 is $ 12,000. See full question below. On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue ... Business; Finance; Finance questions and answers; Kristie owns a perpetuity which pays $12,000 at the end of each year. She comes to you and offers to sell you all of the payments to be received after the 10th year at an 8% interest rate. Explain how you can determine the value of this offer provide calculation results to back up you explanation.When you build a spec home, you'll have to work with a mortgage lender. If you're a builder building a custom home for a client, that client will get a mortgage loan to pay you whi...To calculate the total amount of interest Billy will pay on his $12,000 student loan at an annual interest rate of 4.25% over 10 years, we can use the formula for simple interest: Interest = Principal × Rate × Time. ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the ... Descriptions: On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what’s the unearned revenue as of December 31. More : On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what’s the unearned revenue as of December 31.

Accounting questions and answers. Answer the following 30 questions please. Q1. On November 1, Year One, a company is paid $12,000 in advance to do a job for a customer. The job has ten separate steps. The first four steps were completed in Year One and the remaining six steps were completed in Year Two. The accountant mistakenly believed …On September 1, 2019, Two Sisters Company pays $36,000 cash for six months rent. The balance in prepaid rent on December 31, 2019, after adjustment, would be: $24,000. $0. $6,000. $12,000. 5. The links among the financial statements are: a. ending capital from the income statement to the statement of owner's equity.Explanation: In the accrual accounting method, when a client pre-pays a year-long contract, that payment is initially considered an unearned revenue for the company. This revenue will only be recognized gradually as the company provides the contracted services over the period of one year.)A company makes a net profit before tax of $5,000 and has total assets with a value of $10,000. Calculate the company's return on assets as a percentage. (0.5 points) 3. A company has $1,400 in liabilities and $1,500 in assets. Calculate the company's debt ratio as a percentage. (0.5 points) 4. A company has $1,400 in liabilities and $1,500 in ...Note that in this scenario, revenues and expenses should be recognized in the same period. So, By the use of accrual method, the unearned revenue as of December 31 1 is $ 12,000. See full question below. On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue ...On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31.

She hires one helper at $12,000 per year, pays annual rent of $5,000 for her shop, and spends $20,000 per year on materials. ... a client pays a company the full ...

A company pays $18,000 in interest on notes, consisting of $12,000 interest that was accrued during the last accounting period and $6,000 of interest that accumulated during the current accounting period but has not yet been accrued on the books. The journal entry for the interest payment should:On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31? $0 $1,000 $5,000 $9,000 $12,000 There are 2 steps to solve this one.The company desires to maintain a cash cushion of $10,000. Funds are assumed to be borrowed, in increments of $2,000, and repaid on the last day of each month; the interest rate is 1 percent per month. ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned ...If a company starts the year with an inventory of $10,000 and has purchases for resale during the year worth $20,000, what is the cost of goods sold if the inventory on December 31 is $5,000? Verified by Proprep Tutor. Ask a tutor. If you have any additional questions, you can ask one of our experts. ...Leno Company will record a debit to Cash in the amount of: D. $9,800. Explanation: The terms of 2/10, n/30 means 2% discount for the payment within 10 days and the full amount to be paid within 30 days. Fallon Company pays the invoice within the discount period - early enough to receive a 2% discount. The discount amount is 2% x $10,000 = $200.11 Apr 2019 ... If Sierra Sports pays the full amount owed ... full $12,000 of inventory when the purchase was made. ... You are the owner of a catering company and ...Jul 13, 2020 · P = $12,000. Therefore, additional payment per year = $12,000. ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the ... The unearned revenue as of December 31 will be $12,000 . Reason been that the amount that the client paid the company is for a year-long contract, hence the $12,000 represent a prepayment amount for the service the company is yet to rendered to their client. Inconclusion using the accrual method, the unearned revenue as of December 31 is $12,000.It shows that you paid a total of $7,560.49 in interest for the year. ... If your business is a corporation, it is a separate entity required to pay income taxes.

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Jul 2, 2023 · On October 1, a client pays a company the full $12,000 balnace of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31? a. $0 b. $1,000 c. $5,000 d. $9,000 e. $12,000

The final single payment to be made at the end of the 3rd year after a company buys a machine for $12,000 and pays for it in five equal annual payments with an interest rate of 4%, with terms changing after the second payment. ... a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, …Dec 10, 2023 · On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31. The original purchase price of the merchandise was $88,000, however, Garden Company returned $12,000 worth, therefore, their payable amount would be $88,000 - $12,000 = $76,000. Based on the terms 1/15, net 45, Garden Company is entitled to a 1% discount if they pay within the first 15 days.You can cancel anytime! Get instant answers from our online experts! Our experts use AI to instantly furnish accurate answers. Answer of On October 1, a client pays a company the full $12,000 balance of a year long contract. Using the Accrual method, what's the unearned revenue as of... Question. On October 1, when a client pays a company the full $12,000 balance of a year-long contract using the accrual method, what's the unearned revenue as of December 31? Study. Evaluate. Related Courses. Verified by Proprep Tutor. Find step-by-step Accounting solutions and your answer to the following textbook question: A company performs $10,000 of services and issues an invoice to the customer. Using the accrual method. what's the correct entry to record the transactions? (A) Debit unearned revenue$10,000, credit sales revenue $10,000 (B) Debit accounts payable$10,000, credit …In today’s business landscape, the topic of CEO compensation has become a subject of intense scrutiny. Shareholders, employees, and the general public are increasingly interested i...Business; Accounting; Accounting questions and answers; Gomez Management Services Inc. accepts an 18-month, 12%, $5,000 note receivable from a client in settlement of an outstanding accounts receivable on November 1, 2018. The client pays off the note on April 30, 2020. Gomez should recognize interest revenue in 2020 ofAnswered. Asked by ProfDiscoveryTurtle47. on october 1 a client pays a company the full 12000 balance of a year long contract. using the accural method what the unearned revenue as of decemeber 31. BUSINESS. ACCOUNTING.

As of Dec. 31 the company had completed $12,000 of work for a client that will be billed in January. The adjusting entry to record this is debit Accounts Receivable. $12.000; credit Service Revenue, $12,000 Onone, no adjusting entry is needed debit Accounts Receivable, $1,000; credit Service Revenue, $1,000 debit Service Revenue. $12.000; credit Accounts Receivable. $12.000A client liaison acts as an intermediary between the company or agency and the client to meet the client’s need for information, support, assistance, reports and training. The liai...The $12,000-$3, 000=$9 000 would be an earned revenue on December 31 as it is the three-quarter of the nine months remaining until the completion of the contract. This balance of the unearned revenue signifies the residual prepaid amount that is still owed by the company with regards to the future goods or services due at a later date .Instagram:https://instagram. walden university nurse practitioner When Cullumber Company pays $12,000 for a 3-year insurance contract on July 1, 2019, an initial journal entry is made to record the payment. ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31. Load more. New questions in …In the second year, they make two more interest payments of $150 each plus the $12,000 principal repayment, totaling $12,300. Explanation: The question involves calculating the cash payments for interest and principal on a note payable that was issued by Lorenzo Company. The note is a 1-year, 5 percent note for $12,000, with interest paid ... sts automotive vehicles Answer. Determine the unearned revenue as of December 31 The unearned revenue as of December 31 is the portion of the contract that has not been earned yet. …Dec 5, 2019 · The Baldwin Company currently has the following balances on their balance sheet: Total Assets $255,213 Total Liabilities $151,328 Retained Earnings $47,588 Suppose next year the Baldwin Company generates $44,200 in net profit, pays $12,000 in dividends, total assets increase by $55,000, and total liabilities remain unchanged. waypoint public house monona Question: 1, Accounting transaction posting Example: October 1: Stockholders invest $100,000 cash in an advertising venture to be known as Pioneer Advertising Inc. Debit: Cash 100,000 Credit: Common Stock 100,000 1, October 2: Pioneer Advertising receives a $12,000 cash advance from R. Knox, a client, for advertising services that are expected to be completed by apm terminal camera On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31. verified. Verified answer. A company sells 10,000 shares of previously authorized stock at the par value of $10 per share. What's the correct entry to record the transaction?On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31. how to get plasma cutter remnant 2 Question: Hugh Morris Company pays weekly wages of $12,000 every Friday for a five day week ending on that day. If the last day of the year is on Tuesday, the adjusting entry to record the accrued wages is: Multiple Choice debit Wages Expense $7,200; credit Wages Payable $7,200 debit Wages Expense $4,800; credit Drawing $4,800 debit Wages … chili's grill and bar victorville menu Despite the large number of Twitter clients available for Linux, none of them are perfect. Our favorite would have to be the powerful, customizable Choqok. Despite the large number...On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31. youngstown upullit On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31.On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31. blue card rust Step 1. On July 1, 2022, Crane Company pays $12,000 to Wildhorse Co.for a 1-year insurance contract. Both companies have fiscal years ending December 31. Journalize the entry on July 1 and the adjusting entry on December 31 for Wildhorse Co.. Wildhorse uses the accounts Unearned Service Revenue and Service Revenue.On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31. verified. Verified answer. A company sells 10,000 shares of previously authorized stock at the par value of $10 per share. What's the correct entry to record the transaction? werner ladder parts As time passes and the company provides goods or services to the client, the unearned revenue will decrease and the earned revenue will increase. By December 31, three months have passed since the client paid the $12,000. This means that the company has had the opportunity to earn 3/12 (or 1/4) of the revenue from the contract.On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned revenue as of December 31. verified. Verified answer. A company sells 10,000 shares of previously authorized stock at the par value of $10 per share. What's the correct entry to record the transaction? national merit semifinalist 2024 illinois Descriptions: On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what’s the unearned revenue as of December 31. More : On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what’s the unearned revenue as of December 31. A company pays $35,000 per period to rent a small building that has 12,000 square feet of space. This cost is allocated to the company's three departments on the basis of the amount of the space occupied by each. ... On October 1, a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the ... healthy noodles at costco Suppose next year the Baldwin Company generates $36,500 in net profit and pays $15,000 in dividends and total liabilities and common stock remain unchanged. What must their total assets be next year? A. $194,136 ... a client pays a company the full $12,000 balance of a year-long contract. Using the accrual method, what's the unearned …Jan 23, 2023 · On October 1, a client pays a company the full $12,000 for a year-long contract. Using the accrual method, we spread this revenue over the 12 months it covers. By December 31, three months have passed, equating to a quarter of the contract term. As such, the company has earned one quarter of the payment, which is $3,000 ($12,000 / 4).