You work in a company that has begun selling annual subscriptions to its new online magazine. During december, the company sold the first subscriptions, receiving $600,000, which represents one-fifth of its revenues from all sources for the year. The entire amount has been collected in cash. As the end of the the year approaches, you notice that the company recorded the entire $600,000 to revenue and there is no plan to make an adjusting entry.

Answers

Answer 1

Answer:

a.cademics.helper

Explanation:

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Answer 2

The accounting error that was committed and how it affected the financial accounts will be stated in the note.

What are financial accounts?

Financial accounts are defined as the process of documenting, compiling, and disclosing a company's financial statement transactions. The preparation of financial reports for external audiences like investors, creditors, and tax authorities to learn more about a company's performance is the primary goal of financial accounting.

The $600,000 that was raised from the sale of the new online magazine's annual subscription is the amount that will be raised for the upcoming 12-month period that will begin in December of the current year. Of the total, only $50000 will be noted for the year. Therefore, $550000 in related services for the following eleven months should be recorded as unearned income.

Thus, the accounting error that was committed and how it affected the financial accounts will be stated in the note.

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Your question is incomplete, but probably your complete question was

You work in a company that has begun selling annual subscriptions to its new online magazine. During December, the company sold the first subscriptions, receiving $600,000, which represents one-fifth of its revenues from all sources for the year. The entire amount has been collected in cash. As the end of the the year approaches, you notice that the company recorded the entire $600,000 to revenue and there is no plan to make an adjusting entry.

Draft a memo around two paragraphs in length to your supervisor, which explains the following:

The accounting error that has been made

The effect this error will have on the financial statements dated at the end of December

The problems that might result

The importance of fixing the error and what needs to be done to fix the error

Make sure to include proper grammar, spelling, etc.


Related Questions

Which group of people was one o fthe first to spread hte idea of worshipping only one god?.

Answers

Answer:

The first people to express the idea that there is only one God were the Jews, and then later on Christians (because Jesus Christ brought Christianity.)

Explanation:

I hope this helps! :D

Tim drives at an average speed of 80km.

Answers

Answer:

and? I dont know Tim.

Explanation:

Marianna is working on improving her communication skills. To be a good listener she should.

Answers

-not interrupt
-put devices away
-repeat somethings she heard so others see she’s paying attention

4 t-shirts and a hat costs £31. 00 2 t-shirts and a hat costs £17. 0. How much does a t-shirt cost? how much does a hat cost?.

Answers

Answer:

T-Shirt Cost = £7

Hat Cost = £3

Explanation:

Important Information:

4 t-shirts and a hat costs £31.00

2 t-shirts and a hat costs £17.00.

Here we assume t-shirt be x and hat be y.

Explanation/Solution:

Based on the above information, the calculation is as follows:

4x + y = 31

2x + y = 17

Now subtract equation 2 from 1

2x = 14

x = 7

So y is

4(7) + y = 31

28 + y = 31

y = 3

Therefore we can conclude that The t-shirt cost £7 and Hat cost £3.

Rami is graduating high school in the spring. He is interested in becoming a electrician. What are his options for learning this trade? select all that apply.

Answers

To be a licensed electrician requires deep knowledge of the field. Rami's  options for learning this trade are;

He should applied degree at a two year college or He can study for a bachelor's degree at a four year collegeApprenticeship and trade school

A licensed electrician job is not easy to obtain. It requires studying, years of being an apprentice or attending school, and years of  work experience.

To be a licensed electrician, these steps should be followed:

Earn a high school diploma or Its equivalent. Try and attend a trade or vocational-technical school. Sign up as an electrician apprentice.   Get licensed or certified.

See full question blow

Rami is graduating high school in the spring. He is interested in becoming a electrician. What are his option  learning this trade? Select all that apply.

applied degree at a two year college bachelor's degree at a four year college vocational training in the military apprenticeship and trade school going directly into the workplace

Learn more from

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Answer: 1) applied degree at a two year college

3) Vocational training in the military

4) apprenticeship and trade school

Explanation: did on edge :)

1) What is The Full form Of WWW ?
2)What Is The full form of 3 Cs ?


2nd question is little confused .
plz Don't Spam .​

Answers

WWW is an abbreviation for World Wide Web ...

Corporation, Customer, Competitors (3C's) Model is a business model that focuses on the three key factors needed for success. This model was conceived by the famous business strategist, Kenichi Ohmae.

Answer:

• Full form of WWW :-

World Wide Web

WWW is an abbreviation for World Wide Web and it is commonly called the WEB. It is a system that is used to store documents and is accessed using URL(Uniform Resource Locator) which are accessible through Internet .

• The full form of 3 Cs :-

Corporation, Customer, Competitors

(3C's) Model is a business model that focuses on the three key factors needed for success. This model was conceived by the famous business strategist, Kenichi Ohmae.

Explanation:

Hope this helps you !!

What is "four times the sum of x and y" in a mathematical phrase?.

Answers

Answer:

4(x + y)

Explanation:

Have a nice day

What amount of heat, in kj, would be involved in condensing 15. 8 g of ch₃oh? (∆hvap = 38. 0 kj/mol).

Answers

Considering the definition of enthalpy of vaporization, the amount of heat that would be involved in condensing 15.8 g of CH₃OH is 18.8 kJ.

When a material changes phase from solid to liquid, or from liquid to gas, a certain amount of energy is involved in this phase change.

In case of phase change from liquid to gas, this amount of energy is known as enthalpy of vaporization (symbolized as ∆Hvap).

So, the enthalpy of vaporization is the amount of energy required to change a unit of mass (for example, moles or kg) of a substance from phase liquid to phase gas at constant temperature and pressure.

In this case, you know that enthalpy of vaporization is ∆Hvap = 38.0 kJ/mol.

On the other side, you want to vaporize 15.8 g of CH₃OH.  Then, being the molar mass of the compound 32 [tex]\frac{g}{mole}[/tex] (that is, the amount of mass contained in one mole), the number of moles to be vaporized is:

[tex]15.8 gramsx\frac{1 mole}{32 grams} =0.49375 moles[/tex]

Then, the amount of heat that would be involved in condensing 15.8 g of CH₃OH is calculated taking into account the enthalpy of vaporization by:

0.49375 moles× 38.0 [tex]\frac{kJ}{mol}[/tex]= 18.76 kJ ≅ 18.8 kJ

Finally, the amount of heat that would be involved in condensing 15.8 g of CH₃OH is 18.8 kJ.

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Which comparison between events in the passage would best support a claim that a significant theme of the passage is fulfillment?.

Answers

The comparison that illustrates the theme is Theodora's isolation from her family and her reading of the publisher's response regarding her manuscript.

The theme of a story simply means the central idea that's conveyed in a story. It illustrates what the author wants the readers to know in the story.

The comparison between events in the passage support a claim that a significant theme of the passage is fulfillment. This was illustrated as Theodora's isolation from her family and her reading of the publisher's response regarding her manuscript.

Learn more about themes on:

https://brainly.com/question/15568278

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