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DochEvi [55]
3 years ago
11

An adjustment for Prepaid Rent would indicate the amount

Business
1 answer:
NeTakaya3 years ago
7 0
<span>The correct choice is letter B. expired. An adjustment for Prepaid Rent would indicate the amount is "Expired". Prepaid rent is your current asset account where the reports of the amount of future rent expense is paid in advance in the rental period. The amount reported is the amount that is not expired yet.</span>
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A company has a fiscal year-end of December 31: (1) on October 1, $32,000 was paid for a one-year fire insurance policy; (2) on
Olegator [25]

Answer:

The new income will be higher by $22,800.

Explanation:

The net income is the actual earnings of the business which is determined from the profit or loss statement by deducting all the expenses from the revenues earned.

The effect of the adjusting entries on the net income will be as follows:

1) Insurance expense will be of $8,000. It is charged for the period of three months only. This will decrease the net income.

2) Interest revenue will be of $1,200. It is charged for 6months. This will increase the net income.

3) The depreciation expense of $16,000. This will decrease the net income.

Therefore for the overall effect on the net income, if there will be no effect of the above adjustments then it will show net income by higher amount then the actual net income, by $22,800.

8 0
2 years ago
If an industry is characterized by low entry barriers, strong supplier and buyer positions, high threat of substitutes and inten
rodikova [14]

The industry is likely to be a monopolistic industry.

<h3>What is a monopolistic competition?</h3>


A monopolistic industry is when there are many firms selling differentiated products in an industry. A monopolistic competition has characteristics of both a monopoly and a perfect competition. There is an intense completion among firms in this industry. An example of monopolistic industry are restaurants

To learn more about monopolistic industry, please check: brainly.com/question/21052250

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6 0
1 year ago
Consumer surplus is A. a buyer's willingness to pay for a good plus the price of the good. B. the amount a buyer is willing to p
valentina_108 [34]

Answer:

B. the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.

Explanation:

a consumer surplus is the amount that exceeds the amount that a consumer actually pays for a product and the amount they are willing to pay

5 0
3 years ago
The following expenditures were incurred by Tamarisk, Inc. in purchasing land: cash price $74,000, accrued taxes $4,400, attorne
Stels [109]

Answer:

$87,800

Explanation:

The following expenditures were incurred by Tamerisk incorporation when purchasing a land

Cash price = $74,000

Accured taxes = $4,400

Attorneys fee= $4,300

Real estate brokers commission = $1,500

Clearing and grading = $3,600

Therefore the cost of the land can be calculated as follows

= $74,000 + $4,400 + $4,300 + $1,500 + $3,600

= $87,800

Hence the cost of the land is $87,800

5 0
2 years ago
Statement on Standards for Tax Services No. 1 establishes as a basic principle of providing tax services that the CPA:a. Must ha
ipn [44]

Answer:

a. Must have a good faith belief that the tax return position will be accepted by the IRS.

Explanation:

Certified Public Accountant (CPA) is a term used to refer to the state title of approved accountants in the Uniform Certified Public Accountant Examination. The CPA allows these professionals to issue opinion statements in financial reports, following a few rules. For example, the Tax Services Standards Statement No. 1 states that a basic principle of the provision of tax services that the CPA has is to have a good faith belief that the tax return position will be accepted by the IRS.

3 0
3 years ago
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