Answer:
b. credit to Rent Revenue of $3,200
Explanation:
Cash collected in advance results in the the creation of an asset and a liability. Hence a debit to cash account and a credit to deferred revenue. When the revenue is earned, it is recognized as a credit to revenue and a debit to deferred revenue with the amount earned.
Amount earned as at December 31
= 1/3 × $9,600
= $3,200
Entries required
Debit Deferred Rent revenue $3,200
Credit Rent Revenue $3,200
Being entries to recognize revenue earned as at December 31
Answer:
The answer is given below;
Explanation:
XYZ
Extracts from Balance Sheet
As at XXXXX
Current Liabilities
Current portion of long term loan *$25,000
Long Term Liabilities
Long Term Loan $25,000
As the 50% of the loan will be repaid in next year, therefore ($50,000/2) will be shown in current liabilities. The rest of the loan is shown as long term loan as it will be repaid after 12 months.
Answer:
As a Department Head* of Generation Z who is charged with communicating with a guest to take a session on behalf of the organization who is not familiar with me, has to communicate via social media and manage the guest to take a session without monetary benefit, then the following steps should be considered:
1. Reach out to the guest on social media
2. Explain how important his presence would be important to the company
3. Explain that his services would have to be without monetary payment
4. Discuss ways that his presence would be beneficial to his public image
Answer:
The burden of tax will be more on employees, tax reduction will be less for employees than employers.
Explanation:
Tax burden is more on buyers , if the demand is relatively more inelastic ; and tax burden is more on sellers, if the supply is relatively more inelastic.
If federal government reduces social security tax (from 12.4% to 6.2%) :
Since supply of labour is more inelastic, the burden of tax would be more on labour suppliers i.e employees. So ; a total tax reduction 6.2% is likely to reduce tax burden borne by labour demanders i.e employers, more than reduction in tax burden borne by labour suppliers i.e employees (as the labour supply is more inelastic).
