Brown thumb landscaping is a calendar-year, accrual-method taxpayer. in september, brown thumb negotiated a $14,000 contract for services it would provide to the city in november of the current year. the contract specifies that brown thumb will receive $4,000 in october as a down payment for these services and it will receive the remaining $10,000 in january of next year. how much income from this $14,000 contract will brown thumb recognize in the current year?

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at december 31. step 1: determine what the current account balance equals. step 2: determine what the current account balance should equal. step 3: record the december 31 adjusting entry to get from step 1 to step 2. assume no other adjusting entries are made during the year. a. prepaid insurance. the prepaid insurance account has a $4,700 debit balance to start the year. a re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end. b. prepaid insurance. the prepaid insurance account has a $5,890 debit balance at the start of the year. a review of insurance policies and payments shows $1,040 of insurance has expired by year-end. c.prepaidrent.onseptember1ofthecurrentyear,thecompanyprepaid$24,000 for 2 years of rentfor facilities being occupied that day. the company debited prepaid rent and credited cash for $24,000.

E11-2 (multiple choice) identify the best answer for each of the following: which of the following statements about internal service fund liabilities is false? internal service funds may report both current and long-term liabilities. internal service funds may not issue bonds for financing purposes. internal service funds may report contingent liabilities. due to other funds would be reported as a current liability

In 1948, the president of the united states earned a salary of $75,000. in 2000, the president earned a salary of $400,000. knowing that the cpi for 1948 is 24.1 and the cpi for 2000 is 172.2, convert the 1948 salary to constant 2000 dollars. when comparing constant dollar amounts, whose salary was worth more--harry truman, president in 1948, or bill clinton, president in 2000