_____________ is something of value that can be claimed by a lender if a loan is not repaid.

If a journal entry and posting for the use of one month of rent from the prepaid rent account during the year is accidently omit

tensa zangetsu [6.8K]

Answer:

Expenses will be understated, hence, Net Income will be overstated.

Rent prepaid will be overstated, hence, current assets will be overstated.

Explanation:

Ordinarily, rent prepaid is meant to be credited every month to the tune of the the value that has been consumed and then added to period expenses to reduce net income.

In the statement of Financial Position, the same amount that has been consumed should be used to reduce balance in rent prepaid account, otherwise, current assets will be overstated if no adjustment is made.

4 0

3 years ago

Favorita candy's stock is expected to earn $2.40 per share this year. its p/e ratio is 18. what is the stock price?

MatroZZZ [7]

The formula to calculate p/e ratio is: price/earnings.

So, the price of the stock would be

p/e ratio = price/earnings

18 = price / 2.4

Price= 2.4 x 18

Price = 43.2

3 0

3 years ago

with financial calculator You plan to make five deposits of $1,000 each, one every 6 months, with the first payment being made i

prohojiy [21]

Answer:

FV= $6,308.12

Explanation:

Giving the following information:

Semiannual deposit= $1,000

Number of periods= 6

Interest rate= 4%= 0.04= 0.04/2= 0.02

<u>To calculate the future value, we need to use the following formula:</u>

FV= {A*[(1+i)^n-1]}/i

A= semiannual deposit

FV= {1,000*[(1.02^6) - 1]} / 0.02

FV= $6,308.12

<u>In a financial calculator:</u>

Function: CMPD

Set: End

n= 6

i= 2

PV= 0

PMT= 1,000

FV= solve= 6,308.120963

5 0

3 years ago

Margie Company produces a single product and has provided the following data concerning its most recent month of operations: Sel

DiKsa [7]

Answer:

$225,400

Explanation:

The computation of total contribution margin under variable costing is shown below:-

Sales (4900 × $88) $431,200

Less:Variable cost

Direct material (4900 × $12) ($58,800)

Direct labor (4900 × 23) ($112,700)

Variable manufacturing overhead

(4900 × 2) ($9,800)

Variable selling and administrative

expenses (4900 × $5) ($24,500)

Total variable expenses ($205,800)

Contribution margin $225,400

Therefore the total contribution margin under variable costing is $225,400

6 0

3 years ago

In your own words, briefly describe the benefit of each type of alert below: a. Low Balance b. Mobile Deposit c. Unusual Activit

pshichka [43]

Answer:

Explanation:

a. Low Balance: You can set up your bank account for this alert on a threshold which you want to make. This alert inform you about the low balance in your bank account when it touches to the threshold you set up that may be any amount for example 50$ or 500$ or 1000$ so that you know that you shouldn't . It facilitate you to safe from the expenses like OD etc.

b. Mobile Deposit. You always receive a text message whenever you used your smartphone to deposit the check with it. It may be act as a receipt for the check submission while using with your smartphone.It also provide you a facilitation when the check is cleared and deposit received in your bank account

c. Unusual Activity. This type of alert message received while bank detects an unusual activity which could be fraud etc.For example the transactions which are made unusual and which may not be your regular activity with your account.It could also occur when your account transaction has been made outside of your normal living etc area

2.

The most important type of alert would be the Unusual Activity as it involves the risk more that other two alerts.

5 0

3 years ago