Explain why companies sometimes recognize accruals for accrued expenses and accrued revenues. Give an example of an
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 61% (13 reviews)
An accrued expense is an expense that a company has incurred during the account...View the full answer
Answered By
ANDREW KIPRUTO
Academic Writing Expert
I have over 7 years of research and application experience. I am trained and licensed to provide expertise in IT information, computer sciences related topics and other units like chemistry, Business, law, biology, biochemistry, and genetics. I'm a network and IT admin with +8 years of experience in all kind of environments.
I can help you in the following areas:
Networking
- Ethernet, Wireless Airmax and 802.11, fiber networks on GPON/GEPON and WDM
- Protocols and IP Services: VLANs, LACP, ACLs, VPNs, OSPF, BGP, RADIUS, PPPoE, DNS, Proxies, SNMP
- Vendors: MikroTik, Ubiquiti, Cisco, Juniper, HP, Dell, DrayTek, SMC, Zyxel, Furukawa Electric, and many more
- Monitoring Systems: PRTG, Zabbix, Whatsup Gold, TheDude, RRDtoo
Always available for new projects! Contact me for any inquiries
4.30+
1+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Question Posted:
Students also viewed these Accounting questions
-
What is the relationship between the accounting equation and the double-entry system of recording journal entries?
-
Show the expanded accounting equation using the 10 elements of financial accounting.
-
Use the information in RE3-6, (a) Assuming Ringo Company makes reversing entries, prepare the reversing entry on January 1, 2017, and the journal entry to record the payment of the note on April 1,...
-
The total sales (all credit) of a firm are 6,40,000. It has a gross profit margin of 15 per cent and a current ratio of 2.5. The firm's current liabilities are 96,000; inventories 48,000 and cash...
-
Bremmer Industries has a price/ earnings ratio of 16.29X. a. If Bremmers earnings per share are $ 1.35, what is the price per share of Bremmers stock? b. Using the price per share you found in part...
-
Your next assignment will be with the Cruise Director, Jacqueline Downs. She is concerned that passengers start their cruise vacation in a good frame of mind. Therefore, she is quite concerned about...
-
Consider the model proposed by Kyle [1147] and described in Sect. 10.2. (i) Suppose that the functions \(X\) and \(P\) are linear: \[X(\tilde{d})=\alpha+\beta \tilde{d} \quad \text { and } \quad...
-
Presented below is an aging schedule for Halleran Company. At December 31, 2019, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,000. Instructions (a) Journalize and post...
-
A falling object travels a distance given by the formula ????=5????+6????2 d = 5 t + 6 t 2 , where ???? d is measured in feet and ???? t is measured in seconds. How many seconds will it take for the...
-
Fill in the missing amounts from the following T accounts. Accounts Receivable Aug. 10 16,800 15 6,700 Aug. 23 (a) Bal. 8,900 Sept. 5 (b) Sept. 15 8,300 Bal. 4,300 Accounts Payable Aug. 5 (c) 18...
-
Explain why companies sometimes recognize deferrals for prepaid expenses and deferred revenues. Give an example of an adjusting entry to update each of these items at year end.
-
What are the major financial statements of a company, and what information does each summarize?
-
In 1960, a large tsunami struck the Hawaiian Islands without warning, devastating the coastal town of Hilo, Hawaii. Since that time, a tsunami warning station has been established for the coastal...
-
Outline how an auditor can assess the adequacy of their clients closing procedures.
-
What are the three components of audit risk?
-
What is quantitative materiality?
-
What can be done to reduce the audit expectation gap?
-
Define the gross profit ratio and explain what it indicates.
-
The equation represents the plane through P 0 normal to n. What set does the inequality represent? n. PP = 0
-
Evaluate the integral, if it exists. Jo y(y + 1) dy
-
At the beginning of 2013, Ace Company had the following portfolio of investments in available-for-sale securities (common stock): During 2013 the following transactions occurred: May 3 Purchased C...
-
At the end of 2012, Terry Company prepared the following schedule of investments in available-for-sale securities (common stock): During 2013, the following transactions occurred: June 8 Purchased...
-
On December 31, 2012, Leslie Company held an investment in bonds of Kaufmann Company which it categorized as being held to maturity. At that time, the 8%, $100,000 face value bonds had a carrying...
-
The cost of equity for rosental corporation is 13.61%. the expected return on the market =12.5%, the risk free rate is 1.4%, inflation rate =3.3%. what is the company equity beta?
-
Discuss how personal insurance needs are similar or not similarto business needs. Choose and describe an insurance product that can be utilized in your personal life and how it can minimize your...
-
Explain the two fundamental problems related to investing the Social Security trust fund in the stock market.
Study smarter with the SolutionInn App