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Likurg_2 [28]
2 years ago
12

The journal entry to close the fees earned, $115, and rent revenue, $20, accounts during the year-end closing process would invo

lve:_________.
Business
1 answer:
SIZIF [17.4K]2 years ago
5 0

The closing account for Fees earned and Rent revenue is Profit or loss account.

<h3>What is Rent?</h3>

Rent is the cash compensation for occupying a property of an owner for a specific period of time, the rental expense is paid by the occupier to the owner of the property.

The rent is paid monthly, semi annually or annually as per the agreed duration of time in the contract also the amount of the rent is also agreed and mentioned in the contract, the contract is a legal document and can be challenged in court of law if any party breaches the clause(s).

The fees earned and rental income is reflected in the other income head of the Profit or loss account and that is why its closing entry contains this account. The fees earned and the rental income is not reported directly in the statement of Financial position.

Learn more about Rent at brainly.com/question/26958257

#SPJ1

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How is elasticity related to the revenue from a sales tax?
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The correct answer is (d)

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Whats a person that is involved in the business of buying and selling home
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A real estate agent.
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Why has Harley suffered declining sales in both the U.S and in foreign markets since 2008?
finlep [7]

Harley has suffered declining in sales in the US and abroad since 2008 due to the global economic context, such as:

  • the rise in product prices,
  • world crises and
  • the pandemic context of 2020.

The 2008 financial crisis had a direct impact on Harley's business, causing since then a decline in sales in the US and abroad, which led to a change in consumer behavior, which, due to the contraction of real estate debt, started to spend their money with essential consumer goods.

The coronavirus pandemic has also led to production cuts and closures in several companies worldwide, and is also a factor that has impacted people's income and the decline in Harley sales.

Harley is a dealership that manufactures luxury, customized motorcycles that generate value to the customer, for their style, values ​​and reputation in the market, but in a context of crisis, these items are the ones that suffer the most decline.

Learn more here:

brainly.com/question/6558089

5 0
3 years ago
ABC has the following: cash, $102 million; receivables, $94 million; inventory, $182 million; other current assets, $18 million,
Leno4ka [110]

Answer:

Current ratio = 4.04      

Explanation:

Current ratio measures the ability of a business to settle its short term obligations using its liquid financial resources (current assets)

<em>A current ratio in excess of 2 is considered as adequate (except for some special occasions) and vice versa</em>.

Current ratio is computed as follows:

Current ratio = current assets/current liabilities

Applying this we have

                                                                                    $

Cash                                                                          102

Receivable                                                                 94

Inventory                                                                   182

Other current assets                                                <u> 18</u>

<em>Total current assets                                                 396 </em>

<em><u>To</u></em><em>tal current liability                                                 98</em>

Current ratio=    Total current assets / T<u>o</u>tal current liability        

Current ratio = 396/98= 4.04:1                        

Current ratio = 4.04                

3 0
4 years ago
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