Answer:
No Account and explanation Debit Credit
1. Rent expense ($4,300/5) $860
Prepaid rent $860
(To record adjusted rent expense)
2. Supplies expense (7,250-2,950) $4,300
Supplies $4,300
(To record adjusted supplies)
3. Depreciation expense $460
[(44,160/8)/12]
Accumulated depreciation $460
(To record depreciation)
B. Determine savings or debt :)
Accountants usually organize the accounting information on a <u>worksheet </u>when they prepare adjusting and closing entries and the financial statements.
<h3>What is a worksheet?</h3>
A worksheet is a piece of paper used for performing tasks. It can also refer to an Excel sheet. Thus, a worksheet simply means a working paper.
Thus, the informal tool that can be used to organize the accounting information for the preparation of adjusting and closing entries and the financial statements is <u>a worksheet</u>.
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Answer:
True
Explanation:
The US patent and trademark office is an agency that protects the invention of businesses through issuing patents and trademark registration to their products.
There are conditions that a business must satisfy before it can get a patent protection. One of such is that the source of a product must be declared. This points out the relevance of the exclusive link to the source product in the consumers mind towards the grant of its patent protection by USPTO
The maximum debt to capital ratio (measured as debt/total invested capital) the firm can use is 44.29%.
<h3>
Maximum debt to capital
ratio:</h3>
TIE:
TIE = EBIT / Interest
EBIT =$450,000 -$355,000
EBIT= $95,000
Interest:
4 = $95,000 / Interest
Interest = $95,000 / 4 = $23,750.
Amount of debt:
Amount of debt=$23,750 / .075
Amount of debt= $316.666.70
Debt Ratio:
Debt ratio= $316,666.70 / 715,000 ×100
Debt ratio=44.289%
Debt ratio=44.29%(Approximately)
Inconclusion the maximum debt to capital ratio (measured as debt/total invested capital) the firm can use is 44.29%.
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