If a company pays one year of rent in advance on january 1. on january 31, the company will record an adjusting entry that will: Decrease assets and increase expenses.
<h3>Adjusting journal entry </h3>
Assuming company pays one year of rent in advance on january 1 which means that on january 31, the company will record an adjusting entry that will Decrease assets and increase expenses.
The adjusting journal entry for a prepaid expense will tend to decreases assets (Prepaid Rent) and as well increases expenses (Rent Expense).
Therefore on january 31, the company will record an adjusting entry that will: Decrease assets and increase expenses.
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Answer:
Crane Inc.
The ending inventory at cost using the conventional retail method is:
= $23,426.
Explanation:
a) Data and Calculations:
Cost Retail
Beginning inventory $12,000 $19,600
Net purchases 105,056 159,600
Net markups 9,600
Goods available $126,656 $188,800
Ratio of cost to retail price = 67% ($126,656/$188,800)
Cost of goods sold 107,602 ($160,600 * 67%)
Ending inventory $23,426
The philosophy of utilitarianism is used to explain why restaurants, theaters, and hotels should make themselves handicapped accessible - False.
<u>Explanation:</u>
The principle of Utilitarianism highly focus on the happiness and pleasure that is given to the society. It determines the happiness that is attained by many number of people. It also focus on the pattern of how goods and services are being consumed by the people.
The maximum utilization of a good or service that gives maximum happiness to many people. It is related to the happiness and hence in the given scenario it is falsified. Anything that creates happiness and pleasure to many people is only considered as valuable in this principle. The things that leads to unhappiness or suffering is not considered as valuable.
The economy is experiencing a recession combined with inflation. The self-corrected school would say the proper response is to <u>do nothing</u>.
The first aspect that happens at some point in a recession is the financial system slows down. This means that businesses are producing less, and consumer spending is down. This will cause layoffs, as corporations try to cut costs. during this time, there's a significant decline in the demand for items and offerings.
Inflation is the rate of increase in costs over a given period of time. Inflation is normally an extensive measure, along with the general boom in costs or the increase in the value of residing in a country.
Inflation is a measure of the rate of rising costs of goods and services in a financial system. Inflation can occur whilst fees rise due to increases in production expenses, which includes raw substances and wages. A surge in demand for services and products can reason inflation as purchasers are willing to pay more for the product.
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