Multiple Choice
On December 10, 2013 Peach Inc.received a cheque for $60,000 from a customer for services that Peach will be performing in December 2013 and January 2014.By December 31, 2013, Peach had earned 40% of that amount.Assuming the appropriate year end adjustments were made, the 2013 balance in Peach's Unearned Revenue account will be
A) $60,000.
B) $36,000.
C) $24,000.
D) zero.
Correct Answer:
Verified
Correct Answer:
Verified
Q18: For calendar 2014, Gomez Corporation reported pre-tax
Q19: Componentization Explain the concept of componentization as
Q20: Guitar Construction Corp.contracted to construct a building
Q24: Lower of cost and net realizable value
Q46: In a statement of cash flows, receipts
Q55: The view of income that IFRS generally
Q56: A trial balance will NOT balance if<br>A)
Q62: An external event involving a transfer or
Q65: The accrual basis of accounting<br>A) must be
Q72: If receivables are used as collateral in