4. On November 1, 2012, Fran Company completes consulting services for a client

Question

4. On November 1, 2012, Fran Company completes consulting services for a client and bills the client on account for $90,000. On November 22, 2012, the client makes a partial payment of $44,000 to Fran Company for the amount due on account.
On November 22, 2012, Fran Company should
Credit to _______________ (Account Title)
For $________________ (Amount)


5. Total revenues for Pat Company over a three year period (in millions) were:
2010 $ 140,000
2011 $ 166,000
2012 $ 252,000
The percentage increase in revenues from 2010 to 2012 is _________%
The percentage increase in revenues from 2011 to 2012 is _________%

Explanation / Answer

4. Credit to accounts receivable for $44,000 5. 2010 to 2012: (252,000 – 140,000)/140,000 = 0.8 or 80% 2010 to 2011: (252,000 – 166,000)/166,000 = .518 or 51.8%

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