On july 1, squid roe, inc., collected cash in advance from a customer in july for services to be performed in july, august and september and recorded a debit to cash and credit to unearned revenue for $3,000.
which of the following is the proper treatment of this event assuming monthly financial statements are prepared?
on september 30, an adjusting entry should be recorded that debits unearned revenue and credits service revenue for $3,000. no adjusting entry should be recorded since the full $3,000 has already be recorded with an increase to cash.
on july 31, an adjusting entry should be recorded that debits service revenue and credits unearned revenue for $1,000.
on july 31, an adjusting entry should be recorded that debits unearned revenue and credits service revenue for $1,000.
on september 30, an adjusting entry should be recorded that debits service revenue and credits unearned revenue for $3,000.

Daniel owns 100 shares of abc corporation's common stock. abc uses the fair value option, and recent declines in the firm's credit rating have caused the value of the firm's outstanding bonds payable to drop by 10%. daniel feels this is good news, but he wants to know what you think about the situation. which of the following represents your best response? a : "this situation may be positive for you in that the change in abc's credit standing indicates that the value of the firm's assets is likely increasing. however, the drop in bond value may negate any positive effects on your bottom line, because it means your claim on the firm's assets is simultaneously decreasing." b : "actually, this is bad news all around. the drop in the value of abc's bonds payable means shareholders' claims on the firm's assets have decreased. moreover, abc's declining credit rating means that the firm's assets are probably also dropping in value, thus magnifying your losses even more." c : "on the surface, this seems like good news because it means your claim on the firm's assets has increased. however, the drop in creditworthiness may also indicate that abc's assets are declining in value, thus offsetting any gains associated with the drop in bonds payable." d : "you're right! this is good news because it means that abc's debtholders have a decreased claim on the firm's assets. as a result, the firm's existing shareholders"like you"have seen their claim on the firm's assets increase."

How did lani lazzari show her investors she was a good investment? (site 1)

Heather has been an active participant in a defined benefit plan for 19 years. during her last 6 years of employment, heather earned $42,000, $48,000, $56,000, $80,000, $89,000, and $108,000, respectively (representing her highest-income years). calculate heather’s maximum allowable benefits from her qualified plan (assume that there are fewer than 100 participants). assume that heather’s average compensation for her three highest years is $199,700. calculate her maximum allowable benefits.