On December​ 31, 2018 the balance in Energy Exploration​ Company's Unearned Revenue account was a credit of

$7,000. In​ January, 2019, the company received an advance payment of $13,000 from a new customer for services to be performed. By January​ 31, adjustments were made to recognize $6,000 of the revenue that had been earned during January. What was the balance in Unearned Revenue on January​ 31, 2019?

A.$14,000credit

B.$6,000credit

C.$13,000 debit

D.$7,000 credit

its was déterminé that 12000 of the unearned revenue consulting fees had not been yet earned
-its was discovered that 6000 of the balance in consulting fees earned accounts was for.service to be performed in the next month
-adjusted trial balance :uneared revenue 13 160
revenue 314600
probleme 2
the balance in prepaid insurance account represent the remaining balance of the year policy purchased on April
prepaid insurance :9350
what is the journal entries for this two transactions

3) What is the Revenue Recognition Principle? Describe three cases that exemplify this principle.

4) Is unearned revenue classified as an asset, liability or a revenue? Provide a reason for your choice.

5) Write the expanded accounting equation that you would use to study for the information in this chapter.

6) What are T-accounts and why are they used?

7) What is the purpose of an unadjusted trial balance?

8) What is the definition of net profit margin? Provide the formula for this calculation.

Good Will General Hospital is introducing a new service that anticipates having 550 patient visits per year at an average cost per visit of $2,200 and average billed charges per visit of $4,500. Determine the gross revenue, contractual deductions, net patient revenue, total costs and net operating income that would result given the payer mix and terms in the table below. Please show all of your work to receive credit. This question is worth 10 points.

Question 2

Consider the demand schedule for the product produced by a monopolist in Table 2.

Table 2:

a) Complete the table.

                                                                                                                              [14 marks]

b) What do the data in the table indicate about the relationship between total revenue and

    marginal revenue?                                      

                                                                                                                                [3 marks]

c) What do the data in the table indicate about the elasticity of demand?

                                                                                                                                [3 marks]

                                                                                                                  [Total marks: 40]

Assume that a central bank’s nominal seigniorage revenue equals the change in the money supply, denoted ?M. Real seigniorage revenue is ?M/P. Assume the inflation rate equals the growth rate of the money supply, which is ?M/M

a. What is the rationale for these assumptions? Are they realistic?

b.Write real seigniorage revenue in terms of the inflation rate and the real money supply, M/P.

c. When inflation rises, what happens to the real money supply and to seigniorage revenue? (Hint: In equilibrium, money supply must equal money demand.)

d. Sometimes a small increase in the government budget deficit produces a large increase in inflation. Explain this fact using the answer to part (c).

24a) The interior of thew building is renovated, extending the useful life of the building by 10 years. Is this a revenue expenditure or a capital expenditure? Type in 1 for revenue expenditure or type in 2 for a capital expenditure.

24b) A cleaning firm is paid $150 per week to clean the carpets in a building. Is this a revenue expenditure or a capital expenditure? Type in 1 for revenue expenditure or type in 2 for a capital expenditure.

24c) On which financial statement if Loss in Disposal of Plant assets recorded? Type in 1 for income statement; type in 2 for statement of retained earnings; type in 3 for balance sheet.

24d) When an exchange of similar plant assets is said to have "commercial substance", what does that mean?

The table below provides revenue and cost information for KB & Children Company Ltd, a perfectly competitive firm that produces leather shoes.

1. Complete the above table.
2. What is the firm’s total cost of producing 5000 pairs of shoes?
3. What is the average revenue of the firm? Is this amount equal to the firm’s marginal revenue? Explain.
4. At what output level and price will the firm maximize its economic profits?
5. Using the information provided by the above table, draw a diagram showing the firm making short run economic profits.