With an assumption that the company's accounting year is same as the calender year, the income statement would show $1,000 of rent expense.
<h3>What is an
income statement?</h3>
An income statement refers to a financial statement that shows a firm's income and expenditures for an accounting year.
Rent expenses = $2,400 prepaid rent / 12 months
Rent expenses = $200 per month
Rent expenses = $200 rent expense per month x 5 months (in Year 2)
Rent expenses = $1,000 rent expense
In conclusion, with an assumption that the company's accounting year is same as the calendar year, the income statement would show $1,000 of rent expense.
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Answer:
Line of credit
Explanation:
Line of credit ( LOC )-
It is the monetary value , which the bank or any credit union agrees to lend , with a predefined limit , from which the person can use the amount and then the interest is paid for the amount the person has borrowed , is known as line of credit .
In the case of LOC , a maximum limit , the interest rate and the time to repay back the amount with some minimum payments is defined beforehand .
Harriet is the person that can claim the earned income credit because the divorce decree gives Harriet the right to claim Preston as a dependent.
<h3>What the law on divorce states</h3>
The law on divorce or separation decree states that the noncustodial parent may claim the dependent even when there is no written declaration from the custodial parent.
Other explanation includes:
- The parent who the child spends the most time with may claim the dependent.
- If only one of the taxpayers is the child’s parent, that parent may claim the dependent.
In conclusion, Harriet is the person that can claim the earned income credit because the divorce decree gives Harriet the right to claim Preston as a dependent.
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A place to open the shop because a capital resource is a good that is used to make other goods.
Answer:
The correct answer is option d.
Explanation:
When there is an increase in the price level, the purchasing power of money decreases. People will need more amount of money to purchase the same level of goods. This will reduce the real value of wealth.
When the purchasing power decreases and people need more amount of money to purchase the same level of goods, the demand for money will increase. This will cause the interest rate to rise as well.
As the price level increases, domestic goods become relatively expensive. This will cause the export demands to decline. So the demand for domestic currency will also decline. This will further cause the value of currency to depreciate.
