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Snowcat
2 months ago
12

Like A Wrecking Ball is a demolition company. At the end of a project, they presented their client with an invoice for $18,000 a

nd immediately received a check for the full amount. What is the journal entry to record this receipt?
Business
1 answer:
arsen [3.4K]2 months ago
6 0

Answer:

Explanation:

The journal entry is presented beneath:

Cash A/c $18,000

    To Service revenue A/c $18,000

(Accountable for the receipt)

In this transaction, we debit the cash account because cash has been received and credit the service revenue since the service has been performed. Both entries are made for the amount of $18,000 to ensure accurate recording.

You might be interested in
7) Krizun Industries makes heavy construction equipment. The standard for a particular crane calls for 20 direct labor-hours at
Mariulka [3825]

Answer:

Total hours worked = 17,550 hours

Explanation:

Labour hours efficiency variance = labour efficiency variance/standard labour cost per hour

The hourly standard labour cost = $24

= 1,200/24= 50 hours

Labour variance (in hours) = Actual labour hours - Standard hours for actual units produced

The standard labour hours allowed for the production of 875 cranes is:

= 20 × 875 = 17,500 hours

Let the actual hours be "y"

50 = y - 17500

y = 50 + 17500

y= 17,550 hours

Total hours worked = 17,550 hours

7 0
2 months ago
"In 1962, George Martin, __________, becomes the group's producer, meeting with them for the first time on June 6th of that year
stepan [3596]

Answer:

The Beatles arrived at Abbey Road Studios.

Explanation:

George Martin, who was born in 1926, had a passion for music and began piano lessons when he was six years old. In 1962, The Beatles first entered Abbey Studio and met George Martin for the debut time at the EMI studio located in London.

3 0
2 months ago
Imagine you've just gotten the first glimpse at your upcoming report card or transcript. 1. What are your steps for reviewing it
Mariulka [3825]

Answer:

Steps to Review:

  1. Check for the unweighted GPA and Total GPA
  2. Examine individual grades by semester and overall GPA
  3. Review the marks explanation
  4. Finally, read the comments provided in the report

Sections of Interest:

  • Total GPA
  • Grades in specific subjects like Computer Science, Commerce, and Chemistry.
  • Teacher comments

What Matters to Me:

  • Aim to pass all subjects to minimize my teachers' frustrations.

What Matters to My Parents:

  • Ensure I succeed in all subjects with the best possible grades.

Steps If Something Seems Off:

  • First, investigate personally; for example, if a grade doesn’t match expectations, review the term papers to confirm results.
  • If necessary, approach the relevant authority to express concerns.
4 0
2 months ago
Steve Corp bought a $600,000 apartment building in June of 2014. Of the purchase price, $104,950 is allocated to the value of th
Scilla [3833]

Response:

$18,000

Clarification:

As per the Internal Revenue Service, the rental property's lifespan is 27.50 years.

Below is the calculation for the highest depreciation amount allowed:

= (Cost of building - value assigned to land - salvage value) ÷ lifespan

= ($600,000 - $104,950 - $0) ÷ 27.50 years

= $495,050 ÷ 27.50 years

= $18,000

7 0
1 month ago
1. Identify and briefly discuss three factors which influence the choice of crops produced by commercial farmers?[ 2. What is th
marusya05 [3725]

Response:

1. a) Site,

    b) profits

    c) Whether it is feasible to grow the crop with available resources or not

Rationale:

Traders in farming regard the site as a vital factor for their crops, as it hinges on land quality and applicable taxes, and the site of their produce is crucial for transporting goods to ensure they reach markets in optimal condition.

Additionally, the farmer assesses the potential profit from the harvested crops, opting to grow those that yield the highest returns, and must ensure that they have sufficient labor and resources necessary for harvesting and bringing products to market.    

2. Producers of dairy must be mindful of how close their farms are to markets because these products have a short shelf life before they spoil.

Rationale:

Dairy goods are highly perishable and challenging to transport given their limited expiring time, which is a key reason why commercial farmers need to consider that their farms should not be too far from distribution points, allowing them to transport products securely and distribute without worrying about spoilage and loss of profits.

3. A commercial farmer focuses on two primary expenses, the transportation costs and the potential benefits of the crop.

Rationale:

For commercial farmers, during cultivation, there are two crucial expenses to consider: one is the cost of transporting their goods to distribution points, and they must ensure these costs remain manageable since the profit they can gain is also important; thus, farmers aim to minimize investment to enjoy substantial profits.

   

4. Von Thunen's theory posits that the distance to the market is a vital consideration for farmers. According to Von Thunen, a farmer's income is likely to diminish the further they are from the market at which their products are sold.

Rationale:

5.  1. One of the assumptions made by Von Thunen is the presence of only one single market that is self-sufficient without any external input.

    2. Another assumption is that the physical conditions are uniform, lacking rivers, mountains, etc.

    3. Lastly, it is assumed that all farmers aim to maximize their profits.

Rationale:

1. Von Thunen's initial assumption suggests only one market is available and is not influenced by outside factors, but this might not hold true since multiple markets exist due to consumer demand, as well as other farmers from various regions supply products, and cities necessitate external influences for development, which is essential for urban advancement.

2. In his hypothesis, Von Thunen indicates that the agricultural production environments are consistent, which is challenging given that land topographies influence terrain variations; this uniformity could only be realized if the lands were altered by human intervention.

3. Von Thunen's final assumption highlights an optimistic scenario wherein farmers take actions to maximize their profits, which means they will continue to strive for the best possible outcomes.

6. 1. At the core ring lies the market. This market serves as the focal point of the city, conveniently reached from nearby areas.

   2. The subsequent ring is made up of intensive farming and dairy. These items are located closer due to their higher demand and the quick spoilage of other products.

  3. Following that, the next ring is the forest. Wood was highly sought after because it was essential for heating and cooking, and its placement was determined by the fact that it was heavy and cumbersome to transport.

  4. The penultimate ring was designated for extensive crops like bread grains, which are lighter and therefore easier to transport and less costly.

  5. And ultimately, the outermost ring is used for livestock. Animals can be raised and bred farther from markets since they do not require transport expenses, thus saving money for farmers.

Rationale:

In his theory, Von Thunen discussed the significance of geographical positioning in agriculture, where commercial farmers could leverage land characteristics. For Thunen, a proper organization of land sites, from those most costly and challenging to transport to those easier, would foster the greatest yields; thus, he theorized how market rings should be established.

   

I trust this information proves useful to you.

5 0
1 month ago
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