Smith Technical Services Is Working on a Six-Month Job for a Client

question 141

Multiple Choice

Smith Technical Services is working on a six-month job for a client, starting February 1. They will collect $30,000 from their customer when the job is finished. On March 1, their Accounts Receivable account had a debit balance of $5,000. At the end of March, after monthly adjusting entries have been made, what will be the balance in Accounts Receivable?

• A)Debit balance of $5,000
• B)Credit balance of $25,000
• C)Debit balance of $10,000
• D)Debit balance of $30,000

Understand the basic mechanisms and roles of the excretory systems across different animal groups.

Identify the specific structures and functionalities in various types of excretory systems.

Describe osmoregulation and the movement of water and ions in different environments.

Analyze the effects of substances like alcohol on excretory system functions.

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Definitions:

Warranty Liability

Warranty liability is an obligation that a company assumes when it promises to repair or replace defective products during a specified period, representing a potential future expense.

Federal Unemployment Tax

A payroll tax paid by employers based on the wages paid to employees, used to fund state workforce agencies.

FICA Tax

Federal Insurance Contributions Act tax, a U.S. federal payroll tax imposed on both employees and employers to fund Social Security and Medicare.

Federal Income Tax

A tax levied by the federal government on the annual income of individuals, corporations, trusts, and other legal entities.