What amount would the adjusting journal entry have

Assignment Help Accounting Basics
Reference no: EM133084761

Question - Costco sold 24,000, 12-month memberships on November 1st since everyone wanted to go shopping for Christmas gifts.  Each membership cost $65. If Costco prepares financial statements on 12/31 of every year, what amount would the adjusting journal entry have to reduce the Unearned Membership Revenue account?

Reference no: EM133084761

Questions Cloud

Develop the change management plan : Assess the current culture within the organization at the time of your experience. Develop the Change Management Plan using Kotter's 8-Step model.
Biblical principles-virtuous leadership : I like to tie my learning to Biblical Principles. On Virtuous Leadership, I think about what leader in the Bible do I know that stands out as a virtuous leader.
Prepare a schedule of liquidation : Prepare a schedule of liquidation, given that the partnership sold the inventory for $55,000 and the fixed assets for $200,000 and write-off Goodwill
Overcome the common barriers and challenges of success : How do effective teams overcome the common barriers and challenges of success? Are leaderless teams effective? Be specific.
What amount would the adjusting journal entry have : If Costco prepares financial statements on 12/31 of every year, what amount would the adjusting journal entry have to reduce the Unearned Membership
How much cash was obtained from the sale : Accordingly please calculate the disposed-sold equipment's accumulated depreciation written off and how much cash was obtained from the sale
Compute the degree of operating leverage : Compute the degree of operating leverage (DOL), degree of financial leverage (DFL), and degree of total leverage (DTL) for Van Auken Lumber
Steps in the organizational staffing process : In the organizational staffing process, List each step of the staffing process in detail and discuss recruitment plans for one division of the organization
How many products would you have to sell to earn a profit : If the Retail Selling Price for a product is $15 and all of your expenses, including the Cost of Goods, are $10, how many products would you have to sell

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd