Direct, the British wireless phone service provider collects cash in advance from customers. All amounts are in
Question:
Requirements
1. Show what Direct will report for 2010 on its income statement balance sheet.
2. Use the same facts for Direct as in Requirement 1. Further, assume Direct reported unearned service revenue of 95 back at the end of 2009. Show what Direct will report for 2010 on the same financial statements. Explain why your answer here differs from your answer to Requirement 1.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (15 reviews)
Req 1 Millions Income statement Service revenue 400 105 ...View the full answer
Answered By
Hassan Imtiaz
The following are details of my Professional Experience. Responsibilities Eight years of demanding teaching experience in the field of finance and business studies at Master’s Level. Completion of the given tasks within given time with quality and efficiency. Marketing professional with practical experience in and solid understanding of a diverse range of management applications, including market analysis, sales and marketing, team building and quality assurance. I have excellent skills to approach deal and sustain corporate clients / customers by demonstrating not only extraordinary communication and interpersonal skills but also high caliber presentation, negotiation and closing skills. Manage and follow up the day-to-day activities. Manage and co-ordinate the inventories. Fulfillment of all the tasks assigned.
The following are details of my Areas of Effectiveness. Finance 1. Corporate Finance 2. Advanced Corporate Finance 3. Management of Financial Institutions 4. International Financial Management 5. Investments 6. Fixed Income 7. Real Estate Investment 8. Entrepreneurial Finance 9. Derivatives 10. Alternative Investments 11. Portfolio Management 12. Financial Statement Analysis And Reporting (US GAAP & IFRS) 13. International Financial Markets 14. Public Finance 15. Personal finance 16. Real estate 17. Financial Planning Quantitative Analysis 1. Time Value Of Money 2. Statistics 3. Probability Distribution 4. Business Statistics 5. Statistical Theory and Methods Economics 1. Principles of Economics 2. Economic Theory 3. Microeconomic Principles 4. Macroeconomic Principles 5. International Monetary Economics 6. Money and Banking 7. Financial Economics 8. Population Economics 9. Behavioral Economics International Business 1. Ethics 2. Business Ethics 3. An introduction to business studies 4. Organization & Management 5. Legal Environment of Business 6. Information Systems in Organizations 7. Operations Management 8. Global Business Policies 9. Industrial Organization 10. Business Strategy 11. Information Management and Technology 12. Company Structure and Organizational Management Accounting & Auditing 1. Financial Accounting 2. Managerial Accounting 3. Accounting for strategy implementation 4. Financial accounting 5. Introduction to bookkeeping and accounting Marketing 1. Marketing Management 2. Professional Development Strategies 3. Business Communications 4. Business planning 5. Commerce & Technology Human resource management 1. General Management 2. Conflict management 3. Leadership 4. Organizational Leadership 5. Supply Chain Management 6. Law 7. Corporate Strategy Creative Writing 1. Analytical Reading & Writing Other Expertise 1. Risk Management 2. Entrepreneurship 3. Management science 4. Organizational behavior 5. Project management 6. Financial Analysis, Research & Companies Valuation 7. And any kind of Excel Queries
4.80+
150+ Reviews
230+ Question Solved
Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
Question Posted:
Students also viewed these Accounting questions
-
The company collected $1,000 cash in advance from a customer for services to be rendered. Subsequently, the company rendered the services. Make the journal entries necessary to record (1) The receipt...
-
On its income statement for a recent year, Time Warner reported a net loss of $4.9 billion from operations. On its statement of cash flows, it reported $5.3 billion of cash flows from operating...
-
On its income statement for a recent year, United Continental Holdings, Inc., the parent company of United Airlines, reported a net loss of $723 million from operations. On its statement of cash...
-
Create a use case diagram that would illustrate the use cases for the following dentist office system: Whenever new patients are seen for the first time, they complete a patient information form that...
-
The power output of a cyclist moving at a constant speed of 6.0 m/s on a level road is 120 W. (a) What is the force exerted on the cyclist and the bicycle by the air? (b) By bending low over the...
-
a. PK Photography reported net income of $100,000 for 2017. Included in the income statement were depreciation expense of $6,300, patent amortization expense of $4,000, and a gain on disposal of...
-
What factors have led to increased organizational interest in HR metrics and workforce analytics?
-
A fisherman notices that wave crests pass the bow of his anchored boat every 3.0s. He measures the distance between two crests to be 6.5 m. How fast are the waves traveling?
-
Provide a specific example of Newton's First Law of Motion from your life. How does this example demonstrate the First Law?
-
If F cv Rows is 3.295, what is the decision rule for the rows effect?
-
This question deals with the items and the amounts that two entities, Mother Elizabeth Hospital (Mother Elizabeth) and City of Portland (Portland) should report in their financial statements. Fill in...
-
Prepare the closing entries from the following selected accounts from the records of East Shore Corporation at December 31, 2010: How much net income did East Shore earn during 2010? Prepare a...
-
Suppose a 2 x 2 matrix X (not necessarily Hermitian. nor unitary) is written as X = 0 + a, where 0 and 1, 2, 3 are numbers. a. How are 0 and k (k = 1, 2, 3) related to tr (X) and tr (k X)? b....
-
Provide an example of the disruptive potential of digital technologies.
-
Compare and contrast the coming together of a relationship online and one that is FtF.
-
Walthers followers are beginning to examine what happens when online communicators meet for the first time. What experiences have you had (or have you heard about) related to meeting in this manner?
-
Do you believe Meads argument that one cannot have a self without social interaction? Would a person raised in relative isolation, for example, have little to no sense of self? Explain your answer.
-
How realistic do you think gaming principles like those used to develop the Prisoners Dilemma are? Give examples that support or contest the use of a 2 2 matrix to model human choices.
-
Build a truth table for each of the gate circuits in Problems 1619. PE 9
-
2. Assume a person bends forward to lift a load "with his back" as shown in Figure P12.42a. The person's spine piv- ots mainly at the fifth lumbar vertebra, with the principal supporting force...
-
When is it appropriate to be a nonconformist in a small group?
-
An article recently appeared in the Wall Street Journal indicating that companies are selling their receivables at a record rate. Why are companies selling their receivables?
-
Your roommate is uncertain about the advantages of a promissory note. Compare the advantages of a note receivable with those of an account receivable.
-
How may the maturity date of a promissory note be stated?
-
Information that does not have an adjustment reason code to route payments into the correct bank accounts to relay about patient benefit coverage to indicate the amount being paid and the date of...
-
Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor...
-
The art of negotiation is especially important when working in an international business setting. Negotiating a successful contract is a highly valuable skill that is to be attained by working on...
Study smarter with the SolutionInn App