Answer: e. none of these answers are correct.
Explanation:
Going by the accrual basis in Accounting, expenses should be recorded only when incurred.
Rent expense for the year therefore will be the rent incurred for the year which is for the month of December alone in this question as the rent was paid on December 1.
The rent for December will be deducted from the Prepaid expense account.
Rent per month is;
= 16,212/6
= $2,702 per month
Correct entry will be;
Date Details Debit Credit
Dec. 31 Rent Expense $2,702
Prepaid Rent $2,702
Answer:
Christopher is an Employee
Explanation:
1) Christopher is an Employee because he is been paid a flat rate regardless of the amount of work he puts in, also he is directly supervised, has an office in AAA and also he must put in 10 hours of work per week
2) Factors that makes a worker an independent contractor or an Employee includes
- level of instruction; If the company or its representative directs the worker on how, when and where a job can be done this indicates that the worker is an employee
- work schedule: An independent contractor is totally in control of his time and determines the amount of hours to put in but if the work schedule is determined by the company then it will be an employee arrangement
- form of payment ; Hourly, weekly and monthly payments are mostly used for employees ,most independent contractors collect their pay once a task is completed by them
- profit or loss : Employees do not share in the profit or loss of the organization since they are paid a flat rate.
Answer:
The answer is: $339,355
Explanation:
We first find the broker's commission: $359,900 sale price × .05 = $17,995
Then we calculate the amount realized from sale: $359,900 (sale price) - $17,995 (broker's commission) - $2,550 (closing costs) = $339,355
The adjusted basis for this house is: $225,000 (purchase price) + $27,500 (capital improvements) = $252,500
Finally we can now determine the capital gain: $339,355 - $252,500 = $86,855
enforceable, legality
For a contract to be enforceable it must meet the requirement of legality and both the subject matter and the performance of the contract must be legal
An agreement to be a contract must establish a duty that is enforceable by law by the provisions of contract laws. Any arrangement that does not provide for enforceability—that is, one in which the parties cannot seek redress in court for breach of the agreement s not a contract. To create legality in a relationship, the contract must have intent. It happens when the parties are aware that each of them is responsible for the contract's failure if they fail to keep their part of the contract.
To learn more about enforceable and legality please refer to -brainly.com/question/13309532
#SPJ4
Answer:
the inventory should be recorded at $8,500
Explanation:
As we know that according to GAAP, the inventory should be recorded at a cost or net realizable value whichever is lower
So as per the question
Historical cost is $12,000
And, the net realizable value is
= Expected selling price - expected selling cost
= $9,000 - $500
= $8,500
So, the lower cost is $8,500
Hence, the inventory should be recorded at $8,500