User Account

All Pages

What would cause if the legal services have been rendered

Assignment Help Financial Accounting
Reference no: EM132750388

Problem 1: A law firm received $2280 cash for legal services to be rendered in the future. The full amount was credited to the liability account Unearned Service Revenue. If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause:

A. net income to be overstated.
B. liabilities to be understated.
C. revenues to be understated.
D. expenses to be overstated.

Reference no: EM132750388

Questions Cloud

What style does gregory seem to be using : What leadership style would you say Gregory's predecessor used? What style does Gregory seem to be using? Is this style appropriate
What the appropriate adjusting journal entry to be made : A physical count of office supplies revealed $2750 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be
Explain basic process that the start-up can implement : Based on what you recommend, provide a basic process that the start-up can implement. They would like a process that also allows them to narrow their candidate.
Discussed importance of stakeholder engagement : Discussed the importance of stakeholder engagement in policy making.
What would cause if the legal services have been rendered : If the legal services have been rendered at the end of the accounting period and no adjusting entry is made, this would cause?
What is her adjusted gross income : Tamara Moore is an unmarried, 37-year-old taxpayer. Tamara contributed $1,500 to her traditional IRA, which she will deduct. What is her adjusted gross income
Discuss three important practices of human resources : Discuss three important practices of Human Resources (such as hiring, training, selection etc) and their impact/value to an organization.
Explain the effects on goodwill and the equity of holder : Explain the effects on goodwill, NCI and the equity of Holder, of the purchase of a further 20% of the voting shares of Retailer. Provide calculations.
How should the team manage conflict : What are effective strategies to motivating team members? How should the team manage conflict?

Reviews

Write a Review

Financial Accounting Questions & Answers

  On august 1 2011 delta inc purchased 20000 of merchandise

on august 1 2011 delta inc. purchased 20000 of merchandise on account. on the same day delta paid freight of 1200. the

  What is the percentage return on the investors position

If Brandex stock now sells at $120 per share, what should the futures price be? If the Brandex stock price drops by 3%, what will be the change in the futures price and the change in the investor’s margin account? If the margin on the contract is $12..

  What were m and m sales revenues last year

What were M&M's sales revenues last year? What were M&M's sales revenues last year? Last year M&M Corporation reported its net income as $920,000.

  Income statement and balance sheets of one of firms clients

Assume that you recently graduated and have just reported to work as an investment advisor at the one of the firms on Wall Street. You have been presented and asked to review the following Income Statement and Balance Sheets of one of the firm’s clie..

  Why an adjustment or disclosure may or may not be required

Why an adjustment or disclosure may or may not be required in the 30 June 2020 financial statements. Assume the above events would not significantly

  What should current rate be on three-year treasury security

Treasury bill rates will increase to 4.05 percent. If unbiased expectations theory is correct, what should the current rate be on three-year Treasury security

  Record general journal entries to account for the sale

On 30 November 2015, Record General Journal entries to account for the sale of the finishing machine and post to the relevant ledger accounts.

  Statements regarding audit of negotiable notes receivable

The confirmation of the client's trade accounts receivable as a means of obtaining audit evidence is ordinarily considered to be a: Which of the following statements regarding the audit of negotiable notes receivable is correct?

  What o capital balance after recording the withdrawal of e

E withdraws from the firm following payment of P290,000 in cash from the partnership. O's capital balance after recording the withdrawal of E is?

  Find how many years will take to reach goal

Your last deposit will be less than $1,050 if less is needed to round out to $10,000. How many years will it take you to reach your $10,000 goal?

  Prepare all necessary account for leasee and leasor

Prepare all necessary account for leasee and leasor. On 1 October 2008 Number Co entered into an agreement to lease a machine that had an estimated life

  Determine importance of knowing ones liquidity

Determine the importance of knowing one's liquidity needs when planning to invest. Support your position

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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