Explain why electronic file organization is a key skill for todays workplace

On October 1, Year 1, Jason Company paid $7,200 to lease office space for one year beginning immediately. What is the amount of

victus00 [196]

Answer:

The amount of rent expense that will be reported on the Year 1 income statement is $1,800 .

The cash outflow for rent that would be reported on the Year 1 statement of cash flows is $5,400.

Explanation:

Though the amount paid was paid on October 1, Year 1 it will only be expensed from October to December for year 1.

The duration of the payment is 12 months, hence

Monthly amortization = $7,200/12 = $600

Rent expense for year 1 = $600 × 3 = $1,800

The ending balance in the prepaid rent account will be

= $7,200 - $1,800

= $5,400

This will be the cash outflow for rent that would be reported on the Year 1 statement of cash flows.

6 0

3 years ago

A key factor in evaluating the target market's attractiveness is the market's desire for alternative/natural solutions because t

Rudik [331]

Answer:

Athletes

Explanation:

As athletes are more physically active and capable and because of their increasing workouts, they tend to have good stamina.

Athletes are health conscious and prefer to go for organic products, rather then chemical intensive products, as on the long run, organic products do not harm the body in any manner, that the chemical products might do.

Turmeric is best known for its natural purifying effects.

As a company targeting athletes would be very beneficial as the customers like them, will get attracted easily towards these products.

8 0

3 years ago

Tony and Suzie are ready to expand Great Adventures even further in 2022. Tony believes that many groups in the community (for e

eduard

Answer:

Great Adventures

a) Adjusting Entry for Uncollectible Accounts:

Date General Journal Debit Credit

Jun. 30 Uncollectible Expense $2,320

Allowance for Uncollectibles $2,320

To provide 8% allowance for uncollectibles.

b) To accrue one month of interest on the note receivable:

Date General Journal Debit Credit

Jun. 30 Interest Receivable $40.83

Interest on Notes $40.83

To accrue one month of interest.

c) GREAT ADVENTURES, INC.

Partial Balance Sheet as at June 30, 2022

Assets

Current Assets:

Accounts Receivable $29,000

less allowance for uncollectibles 2,320

Net Accounts Receivable $26,680

Explanation:

a) Accounts Receivable

Date Description Debit Credit Balance

Feb. 25 Kr. Kendall's Boys Scout $4,000 $4,000

Feb. 28 Cash $3,840 160

Feb. 28 Cash Discount 160 0

Mar. 19 Reynold 5,000 5,000

Mar. 27 Cash 4,800 160

Mar. 27 Cash Discount 200 0

Apr. 7 Cash 8,500 (8,500)

Apr. 14 Elks Lodge 8,500 0

Apr. 30 Myers Manufacturing 7,000 7,000

May 31 7% Note Receivable 7,000 0

Jun. 15 MBA Groups 29,000 29,000

b) Allowance for uncollectibles = $29,000 x 8% = $2,320

c) Interest on Notes = ($7,000 x 7%)/12 = $40.83

3 0

3 years ago

Use the adjusted trial balance for Stockton Company to answer the question that follows.

Reil [10]

Answer:

c. $22,058.

Explanation:

7 0

2 years ago

Cindy has been working for 8 years, and she’s built up a huge emergency fund -- $45,000, which would be 6 months of her salary.

baherus [9]

Answer with Explanation:

Following are some types of account investments that are better for emergency funds and the return on these investment varies depending upon the risk born by the investors:

Current Account Investments
Commodity Investments
Mutual Funds

If the inflation rate is below the return paid on the current account then it could be a better investment option as the money doesn't loose its value over time.

If the inflation rate is higher than the return paid on the current account then it is better to invest in commodities like gold, petroleum products, etc, that are often termed as speculative investments.

If the investor is risk seeking person, then it is better to invest in mutual funds as the return on such investments is higher because of the higher risk that the investor bears.

6 0

3 years ago

Explain why electronic file organization is a key skill for todays workplace​

Explain why electronic file organization is a key skill for todays workplace