Answer:
$495,000
Explanation:
Since Zarr Town expects to collect 99% of the property taxes levied during the year, should report $500,000 x 99% = $495,000 as property tax revenue. Even if the town only collects $450,000 during the year, the last property tax installments generally are due by the end of March. So the remaining $45,000 will probably be collected next year.
Answer:
1. The prepaid insurance account shows a debit of $5,280, representing the cost of a 2-year fire insurance policy dated August 1 of the current year.
- Dr Insurance expense 1,100 (= $5,280 x 5/24 months)
- Cr Prepaid insurance 1,100
Five months of insurance expense must be recorded for August - December.
2. On November 1, Rent Revenue was credited for $1,800, representing revenue from a subrental for a 3-month period beginning on that date.
- Dr Rent revenue 600 (= $1,800 x 1/3 months)
- Cr Unearned revenue 600
Rent revenue corresponding to January cannot be recorded as earned yet, so it must be recorded as unearned revenue (liability).
3. Purchase of advertising materials for $800 during the year was recorded in the Advertising Expense account. On December 31, advertising materials of $290 are on hand.
- Dr Advertising supplies (or materials) 290
- Cr Advertising expense 290
Unused advertising material is considered an asset that can be used during the next period, the same as any other supplies.
4. Interest of $770 has accrued on notes payable.
- Dr Interest expense 770
- Cr Interest payable on notes payable 770
Accrued interest must be recorded as an expense during the period in which it occurs (accrual principle).
Answer: Option (D) is correct.
Explanation:
Correct option: Japan exported far more to the U.S. during this period then it imported from the U.S.
The demand for the Japanese goods was higher from the U.S. during that period that's why it exports more rather than imports. Now, for importing goods from Japan, U.S need more Japanese currency as a result demand for yen increases. This means that there is an appreciation of Japan currency .
So, there is an increase in the exchange rate between U.S and Japan during that period. There is an inflow of dollar from U.S to Japan, so the value of dollar reduces in terms of yen.
Answer:
$12,000 at 3%.
$14,000 at 4%.
Explanation:
Let A be the amount invested at 3%, and B be the amount invested at 4%. The following system of equations can be modeled from the provided information:
Solving the linear system:
$12,000 were invested at 3% and $14,000 were invested at 4%.
Answer:
Both statements I and III are correct.
Explanation:
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