Answer:
Increase Rent Expense, $4,000; decrease Prepaid Rent, $4,000.
Explanation:
Since Fisher Shoe Store paid $24,000 to Acme Realty for 6 months rent beginning July 1, we will calculate monthly rent amount by:
24,000/6 = $4,000
Financial statements are prepared on July 31, so we will adjust the July rent in the adjusting entry.
We will debit the rent expense by $4,000 and credit the prepaid rent which is an asset to decrease it by an amount of $4,000.
Answer:
U.S. government securities
Explanation:
Governments use different methods to regulate money flow within the economy and also to borrow money for running it's activities.
One of such methods is the sale of government securities.
They are issued to buyers to obtain funds for government use. The government now makes a commitment to pay the owed amount at a future date.
They include: treasury bills, treasury notes, treasury bonds, and treasury certificates.
Government securities represents the total amount of debt owed by the Federal government
Answer:
Cost of goods sold to be reported in consolidated financial statement = $1,000,000
Explanation:
Whenever there is 100% or more than 50% holding in a company, then equity method is followed under which all of the items are to be consolidated, but in case where there are inter transfers that is transfer from holding to subsidiary or vice-versa then such transactions, profit not realized is to be eliminated.
In case where inventory is transferred to subsidiary after adding profit by holding company, then in case if that inventory is sold to third party by year end then entire profit is recognized even the profit added by holding to cost of goods sold to subsidiary.
Where in case such inventory is not sold further by subsidiary to third party and is still held in the stock then such profit added on sale by holding to subsidiary is eliminated.
In our case the entire inventory is sold to third party by the year end.
Therefore, entire profit will be recognized and cost of goods sold to be shown in consolidated financial statements = $600,000 + $400,000 = $1,000,000.
Answer:
$106 million
Explanation:
allowance for doubtful accounts
debit credit
beg. balance 426
bad debt 85
ending balance <u>405 </u>
106
Since you need $106 million to balance the account, that should be the amount of bad debt written off during the current year. Allowance for doubtful accounts is a contra asset account, any debit balance increases accounts receivable while a credit balance decreases it.
Hi there, i cannot find the complete question so that i can pick an option from so im going to do my best to answer your question.
Explanation:
Noelle can use the question: on a scale of 1 to 4, rate your level of satisfaction of the meal at Green Gardens Restaurant. 1 to 4 can be represented as shown below.
1- very bad
2- bad
3- good
4- very good
With this sort of question to customers, Noelle would be able to get an understanding of how bad or well the restaurant is doing in terms of customer satisfaction.
Cheers.
