Answer:
Increase Rent Expense, $4,000; decrease Prepaid Rent, $4,000.
Explanation:
Since Fisher Shoe Store paid $24,000 to Acme Realty for 6 months rent beginning July 1, we will calculate monthly rent amount by:
24,000/6 = $4,000
Financial statements are prepared on July 31, so we will adjust the July rent in the adjusting entry.
We will debit the rent expense by $4,000 and credit the prepaid rent which is an asset to decrease it by an amount of $4,000.
Answer:
Option B
Explanation:
Since the contract did not mentioned any thing about the retuning of containers that were not defective, it becomes the obligation of the buyer to pay the final delivery amount on the basis of Good-faith modification.
Hence, option B is correct
Answer:
The correct option is B.
Explanation: A corporate form of business organization is an organization which has an existence that is independent of its owners, meaning that the organization exists separately from its owner(s).
In other words, Corporations are business organizations that have powers and liabilities which are separate and distinct from those of its owners.
Corporate organizations are by far, the easiest to forms of incorporated structures to transfer, whether this is part or the whole company. What this means that a major attribute of a corporate organization is that ownership rights in the corporation can be easily transferred from one person to another, and this can be either a part of the organization, or the whole organization.
The correct answer is two years.
A presidential appointee is required by law to spend about two years on the job before being allowed to leave that job and pursue some other careers. Every president has done that according to the American law and politics.
Answer:
Hence, Cisco's materials usage variance is 12,000 Unfavorable
So, the correct option is c. $12,000
Explanation:
Material Usage variance : The computation of material usage variance is shown below:
= (Standard Quantity - Actual Quantity ) × Standard price per pound
where,
Standard Quantity = Production units × Material allowed per unit
= 12,000 × 1.5
= 18,000 pounds
So,
Material Usage Variance = (18,000 - 19,500) × $8
= 12,000 Unfavorable
Hence, Cisco's materials usage variance is 12,000 Unfavorable
So, the correct option is c. $12,000
