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gulaghasi [49]
1 year ago
11

the balance in the prepaid rent account before adjustment at the end of the year is $32,000, which represents four months' rent

paid on december 1. the adjusting entry required on december 31 is
Business
1 answer:
timama [110]1 year ago
5 0

Debit Rent Expense is $8,000 whereas the credit Prepaid Rent is $8,000 of the above given accounting equation .

What is Deferred revenue ?

Money received for goods or services but not yet earned is referred to in accrual accounting as deferred income (also known as deferred revenue, unearned revenue, or unearned income). The revenue recognition principle states that it is recorded as a liability up to the time of delivery, at which point it is changed to revenue.

For instance, a business might get an annual software license payment on January 1 from a client who paid it in full. The business' fiscal year, nevertheless, concludes on May 31. Therefore, the business adopting accrual accounting only includes the fee in its revenues for the fiscal year it received the money, or five months' worth (5/12), of the fee. On the balance sheet for that year, the remaining amount is added to deferred income (liability).

To learn more about Revenue checkout the link below :

brainly.com/question/16232387

#SPJ9

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Determined by negotiation is the amount of earnest money deposit paid by the purchaser.
6 0
3 years ago
The starting point on this grid system for determining latitudinal location is the ____________ , while the starting point for d
aksik [14]
<span>The answers are "Equator" and "Prime Meridian" The grid system gives every point on the earth an address that can be represented as the intersection of two lines, latitude and longitude. The equator is the starting point for measuring latitude (0 degrees latitude), the numbers measure how far north or south of the equator a place is. Longitude shows how far a location is east of the Prime Meridian (0 degrees longitude) , which runs vertically, north and south, right over the British Royal Observatory in Greenwich England, from the North to the South Pole.</span>
3 0
3 years ago
You are given the following information for Ted’s Dread Co.: sales = $82,000; costs = $57,700; addition to retained earnings = $
vazorg [7]

Answer:$6,843.33=Depreciation

Explanation:

To Calculate the depreciation expense for the company

Net income = Dividends + Addition to retained earnings

Net income = $3,320 + 7,500

Net income = $10,820

Also,

Net income = Taxable income - (Taxable income)(Tax rate)

Net income = Taxable income(1 - Tax rate)

Therefore,

Taxable income = Net income / (1 - Tax rate)

Taxable income = $10,820 / (1 - 0.25

Taxable income = $10,820/0.75 =14,426.67

But

EBIT -interest = taxable income,So

EBIT = Taxable income + Interest

EBIT = $14,426.67+3,030

EBIT = 17,456.67

EBIT = Sales - Costs - Depreciation

$17,456.67 = $82000 - 57,700 - Depreciation

$17,456.67= 24,300-Deprecistion

Depreciation =24,300-17456.67 =

$6,843.33

4 0
3 years ago
Maris Bothers, Inc., needs a cash disbursement schedule for the months of April, May, and June. Use the format given below, and
vaieri [72.5K]

Answer:

I have prepared the cash disbursement schedule as requested,find it in the attached excel template.

Explanation:

Kindly note that data for other months whose cash disbursements are not required such February ,March and July had impact on the schedule one way or other,hence they are shown in the computation.

In addition, I have color blue to lay emphasis on the three months requested for.

Download xlsx
3 0
3 years ago
In an​ economy, the​ working-age population is 100 million.
Veronika [31]

Answer:

3.6%

Explanation:

The formula to compute the unemployment rate is shown below:

Unemployment rate = (Number of Unemployed workers) ÷ (Total labor force) × 100

where,  

Number of unemployed workers = 3 million

And, The labor force = 80 million + 3 million = 83 million

Now the unemployment rate is

= (3 million) ÷ (83 million)

= 3.6%

7 0
3 years ago
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