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Brilliant_brown [7]
3 years ago
9

On September 1, Year 1, Hales Company paid its rent in advance for the months of October, November, and December. On December 31

, Year 1, Hales made the required adjustment to adjust its accounts. How does this year-end adjustment impact the amounts reported on the company’s financial statements?
Social Studies
1 answer:
sammy [17]3 years ago
5 0

Answer:

  • It decreases an asset.
  • It increases an expense.

Explanation:

Hales Company paid the rent for its facility in advance. This payment generated an expense that will interfere with the company's balance sheet, acting as an asset within the balance sheet. This interference will need to be readjusted later when the advance payments Hales Company has made are over, ie when the three months of advance payment have passed. Adjusting the company's balance sheet will decrease balance sheet assets, in this case being represented as advance rent, and will increase expenses, which in this case is money spent on rent. From this we can conclude that the company's year-end adjustment will show a decrease in assets and an increase in expenses.

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Although the times have changed, exist similar factors that were part of the history of two big power countries: Rome and the United States. Being these important historical facts of each country described now.

On the one hand, the Roman republic was managed by a monarch king “Tarquino the superb”, who used the murders and violence to establish the order in Rome. After many injustices caused by him, one of them did the Senate decided to act and rejected him because he let to his son to rope a Patrice. When the Senate combated the Monarch the consul charge was created, replacing the king charge, and the main goal was administrated the roman Justice. To avoid abuses they created different branches to achieve it.  However, Rome practiced slavery until the fall of the Roman Empire. The slaveries were treated like economic instruments, but the democratic advance let the laws’ implementation, duties, and rights established by the Senate brought equality for its population.

On the other hand, currently the United States is governed by the democratic constitution and its laws are established by the federal  government which is dived in the legislative and executive branch which creates federal, official and politic laws and these are approved by the judicial branch, which belongs to Senate; the implementation of each law must not be against the constitution. Its application relapse on minor charges like policemen. The United States also practiced the slavery above all with black people and this caused a division between the North, where people rejected it, and the south, where it was legal and people practiced it.

Similarities and differences

- As the United States as Rome created different branches to avoid the unfair, the abuse to population and support the democracy.

- The United States’ Senate originated thanks to the creation of Rome’s senate.

- Rome was a power dominant country over 2.000 years ago and the United States is a powerful country nowadays.

- Both countries are multicultural and practiced slavery in a time.


In conclusion, even though both countries are different, as in culture, location and time, both have been big power countries economically and with big military forces, that have increased their culture, knowledge and general develop through the years. Part of their development has had the same achievements, like the politic and have looked for social equality to improve their internal development.

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