Answer:
(a) $2,040
(b) $1,020
Explanation:
(a) Under the accrual method of accounting revenue is recognized in the month when product is delivered,
Revenue is recognized on the March income statement from this order:
= Units Delivers × Unit price
= 136 × $15
= $2,040
(b) Revenue is recognized on the April income statement from this order:
= Units Delivers × Unit price
= 68 × $15
= $1,020
A. 6%
Calculator entries are N = 10, PV = -1,055.84, PMT = 60, FV = 1,100, CPT I/Y 6
Everything?? Idk what’s the answer plz help
Answer:
Rent expense (Dr,) $9,800
Prepaid Rent $9,800
Explanation:
The accrual concept of accounting requires us to record the expenses in a period in which they are incurred rather than when cash is paid. When the company paid advance rent of six months at the end of October, it will record a current asset (Unexpired resource) on the face of balance sheet. At the end each accounting period, it is required to expense out the resources (benefits) that are expired (utilized). This can be done through straight-line method. So, on December 31, 2019, the rent expense of two months that is of November and December should be charged to profit and loss statement in-order to record the expense of related period.
<u>Workings</u>
Rent expense per month = 29,400 / 6 = $4,900.
⇒ Rent expense of two months = 4,900 * 2 = $9,800.
This amount should be written off and the required adjusting entry is:
Rent expense (Dr,) $9,800
Prepaid Rent $9,800
This is the power of eminent domain.
<h3>What is
eminent domain?</h3>
The power of a state, provincial, or national government to take private property for public use is known as eminent domain, land acquisition, compulsory purchase/acquisition, resumption, resumption/compulsory acquisition, or expropriation.
When the government acquires a home or business through eminent domain, it actually destroys value. It transfers property from a higher-value use to a lower-value use, as evidenced by the government's unwillingness to pay the price required to obtain the property voluntarily.
The term "Event of Eminent Domain" refers to any governmental authority's compulsory transfer or taking, or transfer under threat of compulsory transfer or taking, of any material property or asset owned by the Operating Company or any Project Company.
To know more about eminent domain.follow the link:
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