Defferal questions: 1) Were payment for any goods and/or services received in a prior period, before...

Defferal questions:

1) Were payment for any goods and/or services received in a prior period, before being earned, and shown on the balance sheet as unearned revenue? If yes, was some or all of that revenue earned during the current period?

2) Were any payments made in prior periods, for expense items not yet incurred, and shown on the balance sheet as prepaid expenses?If yes, was some or all of that expense incurred during the current period?

Solutions

Expert Solution

Only the expense incurred during year shall be charged in income statement expense yet to paid though incurred will be shown in liability side.

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Were there any ethical and/or moral issues in the banking and financial services industries prior to...

Were there any ethical and/or moral issues in the banking and financial services industries prior to the 2007-2009 financial crisis?

Anything that can be used for the payment of goods and services is defined as A)...

Anything that can be used for the payment of goods and services is defined as A) finance. B) commerce. C) money. D) a medium. E) value. Accounting refers to the process of A) recording, measuring, and interpreting financial information. B) producing goods and services. C) forecasting income and expenses for a set period of time. D) moving money through an organization on a daily basis. E) developing promotional plans. Google can use web searches done through its search engine to...

A company received payment of $10,000 from a customer that had previously received services performed on...

A company received payment of $10,000 from a customer that had previously received services performed on account. What would the effect of this transaction on the company’s current month accounting equation? Select one: A. No effect on Assets; No effect on Liabilities; No effect on Stockholders’ Equity B. $10,000 increase in Assets; $10,000 increase in Liabilities; No effect on Stockholders’ Equity C. No effect on Assets; $10,000 increase in Liabilities; $10,000 decrease in Stockholders’ Equity D. $10,000 increase in Assets;...

We are currently in the midst of a global pandemic. Are there any goods or services...

We are currently in the midst of a global pandemic. Are there any goods or services that may switch from “normal” to “inferior” or vice versa during this health crisis? Do you think any such changes will be permanent? * not services like health insurance or park admissions perferbably some goods

Discuss the impact of GST in indai on the goods and services offered by any cement...

Discuss the impact of GST in indai on the goods and services offered by any cement company.

choose one pharmacy website and answer these questions below. 1) What were your expectations prior to...

choose one pharmacy website and answer these questions below. 1) What were your expectations prior to going to the pharmacy site? 2) Were you positive or negative on your experience and WHY? 3) If you could change anything about the site, what would it be and why?

Explain why intermediate goods and services usually are not included directly in GDP. Are there any...

Explain why intermediate goods and services usually are not included directly in GDP. Are there any circumstances under which they would be included directly?

Instructions: Answer the following questions about auditing inventory, goods and services, and Accounts Payable: Question 1:...

Instructions: Answer the following questions about auditing inventory, goods and services, and Accounts Payable: Question 1: What are the specific 5 management assertions related to Accounts Payable? ANSWER: Question 2: What are some inherent risk factors that often make inventory material, complex, and subject to manipulation? ANSWER: Question 3: What are some examples of specific frauds in the acquisition and payment cycle? ANSWER: Question 4: What 4 things does an effective inventory control system provide reasonable assurance about? ANSWER: Question...

“Peer-to-Peer (P2P) Payment Services” After reading the article, answer each of the following questions: Peer-to-peer payment...

“Peer-to-Peer (P2P) Payment Services” After reading the article, answer each of the following questions: Peer-to-peer payment services provide the capability to make digital payments through writing a check to the person you owe money to. taking out cash at an ATM to pay someone. using a smartphone app that allows users to transfer money to others. purchasing a money order and sending it. Bank-centric payment apps are different from third-party apps because third-party apps are offered through banking apps, and...

Cash Received before Revenue is Earned (Deferred Revenue) 1) The Insurance Company in (1) above received...

Cash Received before Revenue is Earned (Deferred Revenue) 1) The Insurance Company in (1) above received the cash paid by Nordstrom. What is the entry to record on the books of the Insurance Company? Entry on the books of the Insurance Company 2) The Insurance Company provides protection for the next 12 months. What is the entry on a monthly basis? 3) On March 1, a friend gives you a $100 Nordstrom gift card. How does Nordstrom record this entry?4)...

Subjects