When a product or service is delivered for which a customer advance has been previously received, the appropriate journal entry includes: a debit to a revenue and a credit to an asset account. a debit to an asset and a credit to a revenue account. a debit to a liability and a credit to a revenue account. a debit to a revenue and a credit to a liability account.

Cynthia is a hospitality worker in the lodging industry who prefers to cater to small groups of people. she might want to open a

Consider derek's budget information: materials to be used totals $64,750; direct labor totals $198,400; factory overhead totals $394,800; work in process inventory january 1, $189,100; and work in progress inventory on december 31, $197,600. what is the budgeted cost of goods manufactured for the year? a. $1,044,650 b. $649,450 c. $657,950 d. $197,600

Suppose farmer lane grows and sells cotton in a perfectly competitive industry. the market price of cotton is $1.64 per kilogram, and his marginal cost of production is $1.44 per kilogram, which increases with output. assume farmer lane is currently earning a profit. can farmer lane do anything to increase his profit in the short run? farmer lane: a. cannot do anything to increase his profit. b. may or may not be able to increase his profit. c. can increase his profit by raising his price. d. can increase his profit by producing more output. e. can increase his profit by shutting down.