The correct accounting entry for Baylor Service Corp. when redeeming gift cards is a debit to Unearned Revenue and a credit to Service Revenue, reflecting the earned revenue for services now performed. Option c is correct.
When Baylor Service Corp. redeems gift cards, the accounting entry should reflect the recognition of revenue for services performed that were previously recorded as a liability. Since the revenue has now been earned, the appropriate entry would be a debit to Unearned Revenue and a credit to Service Revenue.
This reflects the transition from a liability to earned revenue, adhering to the matching principle of GAAP, where revenues are matched with the expenses incurred to generate them. The expenses related to the service, such as staff time and supplies, should have been recorded as they were incurred, to match with the service revenue being recognized.
If we consider a different scenario where Treehouse delivers a service for $1,000 paid in cash, the journal entry would be a debit to Cash and a credit to Service Revenue. The revenue is recognized immediately as the service is provided and payment is received.
Complete question as follows:
Baylor Service Corp. redeemed $1,000 of gift cards that customers used to pay for services that were performed by the company. The related adjusting entry would include a debit to:
a. Cash and a credit to Service Revenue.
b. Cash and a credit to Unearned Revenue.
c. Unearned Revenue and a credit to Service Revenue.
d. Accounts Receivable and a credit to Service Revenue.
Suppose a city block was going to be used for a parking lot in both new york city and a small town. the opportunity cost would be
The payment of a fee in connection with permission to use protected copyrighted works is called a(n) ________.
The fee for permission to use copyrighted works is called a license fee. It is required to avoid copyright infringement unless the use qualifies under fair use exceptions.
The payment of a fee in connection with permission to use protected copyrighted works is called a license fee. Copyright is a form of legal protection to prevent copying, for commercial purposes, original works of authorship, including books and music. If one wishes to use a copyrighted work, they must often obtain permission from the copyright holder and pay a licensing fee to use all or portions of a work, unless the usage falls under fair use exceptions where permission and fees might not be required. This is to avoid copyright infringement, which is the unauthorized use of copyrighted material in a manner that violates one of the copyright owner's exclusive rights.
A researcher randomly assigns 50 students to two groups of 25. group 1 is given computers and educational software to take home and use, while group 2 is given educational workbooks to take home. two months later, the researcher gives each group standardized achievement tests. what is the research design?
Tanya buys a certain brand of soft drink only when she gets discount coupons for it. she discontinues purchasing it when the discount coupons run out. this is an example of _____.
The real difference between a mediocre investigator and a star investigator is the __________.
The difference of a mediocre investigator and a star investigator is that in terms of the evidences that they laid out, they provide it more differently and are not the same as the other even though both are investigators having a specific or same case.
Understanding market segmentation is an important step in formulating business-level strategies because:
Tabasco pepper sauce is a product that has entered the maturity stage of the product life cycle. name products that would fit into each of the four stages (introduction, growth, maturity, and decline). describe each product and explain why it fits in that stage.
The Product Life Cycle includes introduction, growth, maturity, and decline stages. Smart Self-Driving Cars are in the introduction stage, Electric scooters like Bird or Lime are in the growth stage, Smartphones like iPhones or Samsung Galaxy devices are in the maturity stage, and DVD players are in the decline phase.
Explanation:The Product Life Cycle is a business concept that suggests products go through four stages: Introduction, Growth, Maturity, and Decline. Here's an example for each stage:
Introduction: Smart Self-Driving Cars are currently in the introduction stage. They are a new concept that is not yet pervasive in every market, and is still being accepted and adopted by consumers. Growth: Electric scooters, for instance, Bird or Lime Scooters, are experiencing rapid growth. As more consumers become aware of and use these products, their sales and market share increase significantly. Maturity: Smartphones, such as iPhones or Samsung Galaxy devices, are in the maturity stage. These products have saturated the market, and sales growth has slowed. Decline: DVD players are now in the decline phase. With the onset of digital streaming platforms like Netflix, the need for physical DVD players has decreased significantly, leading to falling sales.Learn more about Product Life Cycle here:https://brainly.com/question/33498941
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Paleoanthropologists would have a greater interest in ____
The Paleoanthropologists would have a greater interest in the origin of the human ancestors because they focus on studying about the ancestors of the humans with the distant past and they trace it back one by one in order to find out an origin.
Paleoanthropologists would have a greater interest in studying ancestory. Paleoanthropologists study early development of humans and how things have changed as modernization has happened. By studying the early development of humans, they've been able to understand human life and how we have evolved overtime at a much better pace.
According to hill and schilling, which of these would be considered an important step in a formal strategic management process?
If coca-cola wanted to open a facility on redagustan, a country with little economic development, it should ___________.
Jerry's supervisor has asked him to revise a memo because his paragraphs are too long. how long should jerry's paragraphs be, on average, in his revision?
Chris gilbert, 1966-68, was the first person in college football history, and the only ut player, to rush for more than 1000 yards in each of three consecutive seasons. in 1967 vs. tcu, he had texasâ longest run from scrimmage, 96 yards. at an average speed of 4.9 s for 40.0 yards, how long did this run take? (donât forget sig. figs.)
In commercial food manufacturing, what is the purpose of hydrogenation?
Most manufacturers of vehicles equipped with diesel engines allow what type of biodiesel?
When a bankrupt company's only listed address and phone number is a post office box and an answering service, we may see this as a flag of what type of fraud?
If you were consulting with an automaker who was thinking of entering the chinese automobile market, what would you recommend it consider before deciding on its global marketing strategy
I believe that these 5 are the given choices for this question:
Simplify distribution channels wherever possible.
All of these would be important considerations.
Understand language differences and literacy rates.
Consider subcultures within the larger culture.
Cultural nuances can be subtle but must be understood.
I believe that the correct answer is:
“All of these would be important considerations.”
This is because in places like China were language and culture is a diverse mix, knowledge and greater understanding of it would be greatly important in running the business.
A performance _____ is a benchmark used to make sense of an organization's standing along a performance measure
saturn, inc. paid $13,000 on accounts payable. how does this transaction affect the accounting equation of saturn?
Paying $13,000 on accounts payable reduced Saturn, Inc.'s cash assets and its accounts payable liabilities equally, with no net effect on the overall accounting equation.
Impact of Payment on Saturn Inc.'s Accounting Equation
When Saturn, Inc. paid $13,000 on accounts payable, it resulted in a transaction that affected its accounting equation. In the accounting equation: Assets = Liabilities + Owner's Equity, paying off accounts payable reduces the company's liabilities. Specifically, cash, an asset, would decrease by $13,000, while accounts payable, a liability, would also decrease by $13,000. The net effect on the company's total assets and total liabilities plus equity is zero.
This aligns with the principles of accounting, where any payment made will decrease the bank account or cash on hand but also reduce the amount owed, keeping the balance sheet in equilibrium. The principle of conservation of money stipulates that the books must reflect accurate and corresponding decreases in assets and liabilities. As per the accrual basis of accounting, the recognition of this transaction is immediate, affecting financial positions now and in the future.
Glbt employees, as a group, comprise, by some estimates, _____ percent of the population.
Develop an argument for why a cosmetics manufacturer should build and maintain an ethical climate
Cosmetic products will easily lose intended efficacy if exposed to unsuitable climate like high temperature or sunlight. To think they are used for the skin and pricey, the products should be safe and not harmful. Therefore, they should meet the standard safety requirements.
Final answer:
Building and maintaining an ethical climate in a cosmetics company fosters positive job attitudes, employee loyalty, and citizenship behaviors, contributing to a productive environment and a good company reputation. It is a balance between encouraging commitment and being vigilant against ethical breaches. Considering global work attitudes also underscores the importance of a strong ethical framework in international business.
Explanation:
A cosmetics manufacturer should build and maintain an ethical climate because it leads to positive job attitudes and citizenship behaviors among employees. When employees value their workplace's commitment to ethics, they are more likely to exhibit loyalty, job satisfaction, and a desire to go above and beyond their job descriptions, contributing to a productive and harmonious work environment. Additionally, an ethical stance can enhance the company's reputation, attract and retain talent, and ultimately impact the financial bottom line positively. While monitoring can prevent unethical behaviors, it may also undermine trust and satisfaction, making an ethical climate more effective overall in fostering ethical behavior without adverse side effects on employee morale.
Research illustrates that workforce commitment does not necessarily equate to higher ethical standards because highly committed employees might overlook organizational misconduct. Thus, companies must balance the cultivation of a committed workforce with awareness and mechanisms to address potential ethical breaches. Understanding cultural differences in work attitudes is crucial for managing a global workforce effectively, reinforcing the argument that a robust ethical framework is essential in a cosmopolitan business environment.
If a large corporation is being sued by a much smaller entity, the corporation may submit to a deposition which is a form of gamesmanship that has become more prevalent in the last decade.
True or false: the market for lettuce does exhibit the two primary characteristics that define perfectly competitive markets.
The market for lettuce does exhibit the two primary characteristics that define perfectly competitive markets. The statement is True.
What are the characteristics?Characteristics refer to any feature or trait of any object which provides any information about the concept. These are unique in nature and makes difference from one another.
A market structure is said to be a perfectively competitive market when there is the absence of a monopoly structure and the availability of buyers and sellers of commodities in abundance.
The characteristics of perfectly competitive markets are there are many buyers and sellers available in the market so determining the prices or controlling the market is not possible as the market is not oriented to a single entity.
There are no barriers to entering or existing in the market due to minimum competition as there are many sellers who are selling homogenous products to the buyers.
Therefore, the statement is True.
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Final answer:
The market for lettuce does exhibit the primary characteristics of perfectly competitive markets, with many buyers and sellers and the goods being perfect substitutes, making it true that this market approximates a perfectly competitive one.
Explanation:
The statement that the market for lettuce exemplifies the two primary characteristics of perfectly competitive markets is true. These characteristics are that there are many buyers and many sellers, and that the goods being traded are perfect substitutes. In the context of agricultural markets, such as those for lettuce, where there are numerous producers and consumers involved, and the product is homogeneous, these conditions are met.
Furthermore, given that no individual farmer or consumer can influence market prices substantially, this reinforces the notion of participants being price takers. The agriculture industry, particularly in the 20th century, saw large numbers of farmers engaging in the production of crops, including lettuce, under conditions that closely resembled perfect competition.
As an example, similar to other agricultural products, different farmers growing lettuce would produce a largely interchangeable product. Following the principles of supply and demand, farmers receive prices that reflect the average market value, indicating the presence of strong competitive forces and further supporting the classification of these markets as perfectly competitive.
Brenda wants to buy a new car and has a budget of $25,000. she has just found a magazine that assigns each car an index for styling and an index for gas mileage. each index runs from 0-10, with 10 representing either the most styling or the best gas mileage. while looking at the list of cars, brenda observes that on average, as the style index rises by one unit, the price of the car increases by $5,000. she also observed that as the gas mileage index rises by one unit, the price of the car increases by $2,500.
For state residents interest on most bonds issued by their state government is
According to a himss analytics (2005) survey, what is (are) the most frequently identified technology(ies) that will offer new opportunities for healthcare organizations in the next ten years?
When mik has an absolute advantage in the production of two goods over tommy, mik?
A store will give you a 2.50% discount on the cost of your purchase if you pay cash today. otherwise, you will be billed the full price with payment due in 1 month. what is the implicit borrowing rate being paid by customers who choose to defer payment for the month? (do not round intermediate calculations. enter your answer as a percent rounded to 2 decimal places.)
The implicit borrowing rate for customers who defer payment for a month is approximately 9.23%.
Explanation:To calculate the implicit borrowing rate being paid by customers who choose to defer payment for a month, we need to compare the two options: paying cash today with a 2.50% discount, or deferring payment for a month at the full price.
Let's assume the full price of the purchase is $X. With the cash discount, the amount to be paid today would be 97.5% of $X (100% - 2.50% discount).
Now, if the payment is deferred for a month, the customer essentially borrowed the cost of the purchase for a month. Therefore, the implicit borrowing rate can be calculated as:
(Full price - Amount paid today) / (Amount paid today) * (12 months)
Substituting the values, we have:
(X - 0.975X) / 0.975X * 12
Simplifying further, the implicit borrowing rate is approximately 9.23%.
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During the total force fitness (tff) program section of the course, we discussed the importance of leader involvement. leaders must identify the metrics that will set the right conditions to promote total fitness. in order to accurately assess the tff program's effectiveness, metrics must be _____
To make the program effective, the activities written in the program must be achievable by the participants in terms of physical achievability and the set time duration. So the leader must make sure that the metrics used in the tff program is:
feasible
On january 1, 2017 hillop, inc. had total assets of $370,000. during the year, the company purchased new machinery worth $88,000 and promised to pay the amount due after two years. throughout the year, it earned revenue of $60,000 every month. calculate the asset turnover ratio.
The table above shows the demand schedules for looseminus−leaf tea of two individuals (sunil and mia) and the rest of the market. at a price of $5, the quantity demanded in the market would be