Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities. Adjusting entry for unearned (deferred) revenues as of December 31.

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Answer 1

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Chapter 3, Problem 20QS

To determine

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of December 31.

To determine

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of March 31.

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KIARA LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER: ASSETS Property, plant and equipment (cost) Accumulated depreciation Long-term investments Inventory Accounts receivable Company tax paid in advance Bank EQUITY AND LIABILITIES 2024 2023 R R 2 490 000 1 620 000 (630 000) 660 000 1 050 000 1 230 000 30 000 (480 000) 450 000 1 290 000 900 000 0 750 000 660 000 5 580 000 4 440 000 Ordinary share capital 2 700 000 2 000 000 Retained income 1 500 000 1 158 000 Long-term loan from Kip Bank (15%) 900 000 1 000 000 Accounts payable 480 000 228 000 Company tax payable 0 54 000 5 580 000 4 440 000 ADDITIONAL INFORMATION All purchases and sales are on credit. Interim dividends paid during the year amounted to R150 750. Credit terms of 3/10 net 60 days are granted by creditors.

Accounting Question

REQUIRED Study the information given below and answer the following questions. Where discount factors are required use only the four decimals present value tables that appear after the formula sheet or in the module guide. Ignore taxes. 5.1 Calculate the Accounting Rate of Return on average investment of the second alternative (expressed to two decimal places). 5.2 Determine which of the two investment opportunities the company should choose by calculating the Net Present Value of each alternative. Your answer must include the calculation of the present values and NPV. 5.3 Calculate the Internal Rate of Return of the first alterative (expressed to two decimal places). Your answer must include two net present value calculations (using consecutive rates/percentages) and interpolation. INFORMATION The management of Bentall Incorporated is considering two investment opportunities: (5 marks) (9 marks) (6 marks) The first alternative involves the purchase of a new machine for R900 000 which…

Answer 2

Question

Chapter 3, Problem 20QS

To determine

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of December 31.

To determine

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of March 31.

Expert Solution & Answer

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Answer 3

Question

Chapter 3, Problem 20QS

To determine

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of December 31.

To determine

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of March 31.

Expert Solution & Answer

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Answer 4

Question

Chapter 3, Problem 20QS

To determine

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of December 31.

To determine

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of March 31.

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 5

Chapter 3, Problem 20QS

To determine

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of December 31.

To determine

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of March 31.

Answer 6

Chapter 3, Problem 20QS

To determine

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of December 31.

Answer 7

Chapter 3, Problem 20QS

To determine

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of December 31.

Answer 8

To determine

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of March 31.

Answer 9

To determine

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of March 31.

Answer 10

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Answer 11

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Answer 12

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Answer 13

Ch. 3 - Periodic reporting C1 Choose from the following...Ch. 3 - Prob. 2QS Ch. 3 - Identifying accounting adjustments Classify the...Ch. 3 - Concepts 0f adjusting entries During the year, a...Ch. 3 - Prepaid (deferred) expenses adjustments Pl For...Ch. 3 - Prepaid (deferred) expenses adjustments For each...Ch. 3 - Prob. 7QS Ch. 3 - Accumulated depreciation adjustments Pl For each...Ch. 3 - Adjusting for depreciation P1 For each separate...Ch. 3 - Unearned (deferred) revenues adjustments For each...

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities. Adjusting entry for unearned (deferred) revenues as of December 31.

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Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of December 31.

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of March 31.

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Chapter 3 Solutions

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities. Adjusting entry for unearned (deferred) revenues as of December 31.

Concept explainers

Videos

Introduction: Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities. Adjusting entry for unearned (deferred) revenues as of December 31.

Introduction: Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities. Adjusting entry for unearned (deferred) revenues as of March 31.

Want to see the full answer?

Chapter 3 Solutions

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of December 31.

Introduction:

Unearned revenues are the revenues in which cash is received in advance creating a liability to provide services or products. So, these revenues are liabilities.

Adjusting entry for unearned (deferred) revenues as of March 31.