Activity Variance: The difference between actual and budgeted revenue is cost is known as activity variance. Spending Variance ; The difference between the actual and budgeted expenses are known as spending variance. 1. The activity variance for March and explain the meaning of variances. 2. The spending variance for March and explain the meaning of variances.

Question

If cash is received before services are provided, what is the journal entry?A. Debit Revenue, Credit CashB. Debit Unearned Revenue, Credit CashC. Debit Cash, Credit Unearned RevenueD. Debit Accounts Receivable, Credit Revenuecorrect

Answer 1

Question

Definition Definition Measure used to estimate the difference between the budgeted and annual proportion for a specific accounting year. A favorable budget variance refers to positive variances or gains, while unfavorable or negative variances refer to a shortfall in the budget. A budget variance is indicative of the instances where the actual costs incurred are higher or lower than the estimated costs.

Chapter 9, Problem 20P

To determine

Activity Variance: The difference between actual and budgeted revenue is cost is known as activity variance.

Spending Variance; The difference between the actual and budgeted expenses are known as spending variance.

1. The activity variance for March and explain the meaning of variances.

2. The spending variance for March and explain the meaning of variances.

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If cash is received before services are provided, what is the journal entry?A. Debit Revenue, Credit CashB. Debit Unearned Revenue, Credit CashC. Debit Cash, Credit Unearned RevenueD. Debit Accounts Receivable, Credit Revenuecorrect

GAP Corp. is a calendar year S corporation with three shareholders. George and Anna each own 49 percent of the stock. Peter owns 2 percent of the stock. The corporation was formed on January 2, Year 1, and has been an S corporation since its inception. Using the exhibits, prepare a schedule of GAP's income, gain, loss, and deduction items for Year 2. In column B, enter the amount for federal income tax purposes. In column C, enter the amount included in GAP's Form 1120S ordinary business income (OBI) or loss. In column D, enter the amount included on GAP's Schedule K as a taxable or deductible separately stated item. Each item may have amounts entered in ordinary business income, separately stated items, or both. Enter income and gain amounts as positive numbers. Enter losses and deductions as negative numbers. If the amount is zero, enter a zero (0). A B C D 1 Income, Gain, Loss, and Deduction Items Amount for Federal Income Tax Purposes Ordinary Business Income…

If cash is received before services are provided, what is the journal entry?A. Debit Revenue, Credit CashB. Debit Unearned Revenue, Credit CashC. Debit Cash, Credit Unearned RevenueD. Debit Accounts Receivable, Credit Revenue need help

Answer 2

Question

Definition Definition Measure used to estimate the difference between the budgeted and annual proportion for a specific accounting year. A favorable budget variance refers to positive variances or gains, while unfavorable or negative variances refer to a shortfall in the budget. A budget variance is indicative of the instances where the actual costs incurred are higher or lower than the estimated costs.

Chapter 9, Problem 20P

To determine

Activity Variance: The difference between actual and budgeted revenue is cost is known as activity variance.

Spending Variance; The difference between the actual and budgeted expenses are known as spending variance.

1. The activity variance for March and explain the meaning of variances.

2. The spending variance for March and explain the meaning of variances.

Expert Solution & Answer

Trending nowThis is a popular solution!

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Check out sample textbook solution

Answer 3

Question

Definition Definition Measure used to estimate the difference between the budgeted and annual proportion for a specific accounting year. A favorable budget variance refers to positive variances or gains, while unfavorable or negative variances refer to a shortfall in the budget. A budget variance is indicative of the instances where the actual costs incurred are higher or lower than the estimated costs.

Chapter 9, Problem 20P

To determine

Activity Variance: The difference between actual and budgeted revenue is cost is known as activity variance.

Spending Variance; The difference between the actual and budgeted expenses are known as spending variance.

1. The activity variance for March and explain the meaning of variances.

2. The spending variance for March and explain the meaning of variances.

Expert Solution & Answer

Trending nowThis is a popular solution!

See solution

Check out sample textbook solution

Answer 4

Question

Definition Definition Measure used to estimate the difference between the budgeted and annual proportion for a specific accounting year. A favorable budget variance refers to positive variances or gains, while unfavorable or negative variances refer to a shortfall in the budget. A budget variance is indicative of the instances where the actual costs incurred are higher or lower than the estimated costs.

Chapter 9, Problem 20P

To determine