Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 17, 2024

TIMSAH Consulting Company made a six months consulting contract with one of its customer on November 1, 2020, covering the period of November, 2020 through

TIMSAH Consulting Company made a six months consulting contract with one of its customer on November 1, 2020, covering the period of November, 2020 through April, 2021 (monthly consulting fee is $2,500). TIMSAH Company collected $15,000 for six months consulting fee on November 1, 2020 in advance. What would be the Unearned Consulting Revenue amount that has to be displayed on balance sheet as of December 31, 2020? A) $ 10,000 B) $5,000 C) $2,500 D) $ 12500 E) 5 15.000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

Step: 3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Alpine Cupcakes Audit Case With Data Analytics

Authors: Carol Callaway Dee, Mary P.Mindak

2nd Edition

1618533231, 978-1618533234

More Books

Students also viewed these Accounting questions

Question

★★★★★

Assume Smith & Jones, the accounting firm, advises Ocean Mist Seafood that its financial statements must be changed to conform to GAAP. At December 31, 2010, Ocean Mists accounts include the...

Answered: 1 week ago

Question

★★★★★

5. Show that the g-inverse of a general 2 x 2 symmetric matrix A of rank 1 defined by A = $$ \begin{bmatrix} a_{11} & a_{12} \\ a_{21} & a_{22} \end{bmatrix} $$ is given by $$ A^- = \begin{bmatrix}...

Answered: 1 week ago

Question

★★★★★

An aqueous slum? at 30?C containing 20.0 wt% solids is fed to an evaporator in which enough water is vaporized at 1 atm to produce a product slurry containing 35.0 wt% solids. Heat is supplied to the...

Answered: 1 week ago

Question

★★★★★

Automation project One of Fosbecks plants is trying to decide whether to automate its drug manufacturing by purchasing a fully automated bioreactor machine complex. with a npv of 30-35 should they...

Answered: 1 week ago

Question

★★★★★

need to be in formulas S\&P Enterprises has provided data from the first three months of the year. The Controller has asked you to prepare the Cash Budget and the related Schedules for Expected cash...

Answered: 1 week ago

Question

★★★★★

Q1: What is managerial accounting, and how does it differ from financial accounting? Q2: What are some common techniques used in managerial accounting?

Answered: 1 week ago

Question

★★★★★

Q1: What are financial ratios, and why are they important? Q2: Explain the difference between liquidity ratios and profitability ratios with examples.

Answered: 1 week ago

Question

★★★★★

Q1: What is the purpose of budgeting in a business? Q2: What is the difference between static and flexible budgets?

Answered: 1 week ago

Question

★★★★★

Q1: Why is ethics important in accounting? Q2: What are some common ethical issues faced by accountants?

Answered: 1 week ago

Question

★★★★★

Q1: What is the purpose of investment analysis in accounting? Q2: What are some common methods used in investment analysis?

Answered: 1 week ago

Previous Question Next Question