Hannah is preparing an income statement for homework. She identifies revenues as service revenue, rent revenue, and
Question:
Hannah is preparing an income statement for homework. She identifies revenues as service revenue, rent revenue, and unearned revenue. She identifies expenses as advertising expense, prepaid expense and rent expense. Check Hannah’s work and explain any errors.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
Hannah you have identified most of the revenues and expenses correctly Howev...View the full answer
Answered By
Ali Khawaja
my expertise are as follows: financial accounting : - journal entries - financial statements including balance sheet, profit & loss account, cash flow statement & statement of changes in equity -consolidated statement of financial position. -ratio analysis -depreciation methods -accounting concepts -understanding and application of all international financial reporting standards (ifrs) -international accounting standards (ias) -etc business analysis : -business strategy -strategic choices -business processes -e-business -e-marketing -project management -finance -hrm financial management : -project appraisal -capital budgeting -net present value (npv) -internal rate of return (irr) -net present value(npv) -payback period -strategic position -strategic choices -information technology -project management -finance -human resource management auditing: -internal audit -external audit -substantive procedures -analytic procedures -designing and assessment of internal controls -developing the flow charts & data flow diagrams -audit reports -engagement letter -materiality economics: -micro -macro -game theory -econometric -mathematical application in economics -empirical macroeconomics -international trade -international political economy -monetary theory and policy -public economics ,business law, and all regarding commerce
4.00+
1+ Reviews
10+ Question Solved
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Question Posted:
Students also viewed these Business questions
-
Preparing an Income Statement and Computing the Gross Profit Percentage and Receivables Turnover Ratio with Discounts, Returns, and Bad Debts Tungsten Company, Inc., sells heavy construction...
-
Rosenthal Company makes and sells products with variable costs of $24 each. Rosenthal incurs annual fixed costs of $315,000. The current sales price is $87. Required The following requirements are...
-
Springfield Company makes a product that it sells for $200. Springfield incurs annual fixed costs of $250,000 and variable costs of $160 per unit. Required The following requirements are...
-
Suppose a city finds that its express highways into the city are congested and it is considering two remedies: (1) imposing a congestion charge on all users of its expressways during the peak periods...
-
A survey shows that 10% of the population is victimized by property crime each year. A random sample of 527 older citizens (65 years or more of age) shows a victimization rate of 14%. Are older...
-
The diagram below depicts the demand curve for "mini burgers" in a local fast-food market. Use the information in this diagram to answer the questions that follow. a. What is the price elasticity of...
-
If the drill bit jams when the handle of the hand drill is subjected to the forces shown, determine the resultant internal loadings acting on the cross section of the drill bit at A. Z F-30 lb 9 in....
-
At the beginning of 2007 Ace Company had the following portfolio of investments in available-for-sale securities (common stock): During 2007 the following transactions occurred: May 3 Purchased C...
-
Your health facility, the Lakeland Medical Clinic was opened to serve area residents. The first two months of operation saw strong patient volume after which the numbers dropped off dramatically....
-
Distinguish among the value chain, the supply chain, and the distribution chain.
-
Your friend is a graphic designer who started his own business. He asks you How do I record revenue and expenses correctly? Explain when to record revenue and expenses based on the accrual basis of...
-
In your personal life, when do you need to prepay for products or services? Why do you think companies want you to prepay instead of paying later?
-
In a job order cost system, which account shows the overhead used by the company? A. Work in process inventory B. Finished goods inventory C. Cost of goods sold D. Manufacturing overhead
-
Hiring Ethics: A Case of Undue Influence in Employee Selection Case Author: Salvador G. Villegas & Kristi M. Bockorny Online Pub Date: January 03, 2022 | Original Pub. Date: 2020 Subject: Business...
-
Find the missing endpoint if S is the midpoint RT. R(-9, 4) and S(2, -1); Find 7. S(-4, -6) and T(-7, -3); Find R. B is the midpoint of AC and E is the midpoint of BD. If A(-9, -4), C(-1, 6), and...
-
Cost behavior Merry Olde Games produces croquet sets. The company makes fixed monthly payments to the local utility based on the previous year's electrical usage. Any difference between actual and...
-
Consider the following series of future cash flows CF 5x Sx $350 5480 5675 5800 The present value for the entire cash flow series is $1,300. The discount rate is 9% Required: Estimate the value of...
-
Finding Future Value Looking for the spending power of these amount in 45 years How much will $1,000,000.00 be worth in 2066? How much will $53,000 be worth in 2066?
-
When you create a ____________ in Java, you create a variable name in which you can hold the memory address of an object. a. Field b. Reference c. Recommendation d. Pointer
-
Describe a job you have had in the past or a job you are very familiar with. Indicate the negative aspects of the job and how it could be improved with current human resource management techniques.
-
Set up the following general ledger accounts using T-accounts for Jones Consulting with the balances provided. Prepare closing entries at December 31, 2020, and post them to the T-accounts. Marcy...
-
Silver Star Automotive showed the following account balances at October 31, 2020, after posting the closing entries. Prepare the post closing trial balance. Cash Accounts Receivable Unearned Revenue...
-
Refer to Spin Masters income statement in Appendix III at the end of the book. What journal entry was recorded as of December 31, 2017 to close the revenue account?
-
Write a method (pseudocode) to reverse the queue using another empty queue. You may only use queue operations such as enqueue(), dequeue(), and size(). No other data structure can be used other than...
-
Solve the recurrence relation an = 7an-18an-2-9.2", with initial conditions ao = 5, a = 10. Show all your work.
-
Write an assembly language program that asks the user to enter an integer dollar amount between 1 and 3,000. Your program should display the corresponding class description using the following table....
Study smarter with the SolutionInn App