When thieves use your name and good credit rating to get cash or buy things, they are engaging in identity theft.
Identity theft can be define as impersonating another person by making use of that person personal information as their own.
A person using Identity theft can use some else identity to steal from innocent people after stealing the personal details of the person such as the person name so as to obtain cash or to defraud.
Identity theft is bad as it can damage someone image or reputation as the identity thieve can use to commit various crime by pretending to be you.
Inconclusion when thieves use your name and good credit rating to get cash or buy things, they are engaging in identity theft.
Learn more about identity theft here:brainly.com/question/17112484
To… help protect investors from fraudulent financial reporting by corporations
Answer:
Loss on retirement of debt = $1,030,000
Explanation:
the company paid $7,070,000 in order to retire the bonds, and hte journal entry was:
Dr Bonds payable 7,000,000
Dr Loss on retirement of debt 1,030,000
Cr Cash 7,070,000
Cr Discount on bonds payable 960,000
Loss on retirement of debt = cash paid - carrying value = $7,070,000 - $6,040,000 = $1,030,000
Answer:
0.1333
Explanation:
Given that,
Selling price = $5
Variable cost = $3
Annual sales = $20,000
Total sales = $60,000
Contribution margin:
= Selling price - Variable cost
= $5 - $3
= $2
Number of units sold:
= Annual sales ÷ Selling price
= $20,000 ÷ $5
= 4,000 units
Total contribution sales:
= Number of units sold × Contribution margin per unit
= 4,000 units × $2
= $8,000
Weighted contribution:
= Total contribution sales ÷ Total sales
= $8,000 ÷ $60,000
= 0.1333
Answer:
1.
Dec 31 Rent expense $3450 Dr
Prepaid Rent $3450 Cr
2.
Oct 1 Prepaid Rent $13800 Dr
Cash $13800 Cr
3.
Year end balances at 31 December:
Rent Expense = $3450
Prepaid Rent = $10350
Explanation:
Assumption: The year end for the business in on 31 December.
1.
The rent is paid in advance thus it is an asset. On 31 December the adjusting entry will be made under the accrual principle to match the current period's rent expense and record it in the period to which it belongs to. Thus we will credit the rent expense for 3 months i.e. October, November and December. We will credit the asset account that is Prepaid Rent.
2.
The prepayment of rent is creating an asset account in the title of prepaid rent. The entry would be to record the asset prepaid rent by the full amount of the rent prepaid and credit the other asset account through which the payment is being made.
3.
The adjusted year end balance for rent expense will be the rent expense paid for this period that is $1150 * 3 = 3450
The balance in the prepaid rent account after adjusting the rent expense will be,
Prepaid rent = 13800 - 3450 = $10350
