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3 years ago

Identify whether each account would appear on the Balance Sheet or the Income Statement.

Business

1 answer:

Greeley [361]3 years ago

4 0

Answer:

The income statement shows the income items and expense items that are earned by a company for an accounting period. The balance sheet shows assets, liabilities, and the ending balances of equity items. The statement of changes in stockholders equity shows the changes of equity accounts, such as retained earnings and common stock, from its beginning balance to its ending balance. The statement of cash flows shows the inflow and outflow of cash for an accounting period.

Explanation:

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3 years ago

Rents of $750.00 per month on each unit of a 4-plex are current. for an october 16th closing, the rent proration on the settleme

Lady bird [3.3K]

Rents of $750.00 per month on each unit of a 4-plex are current. For an October 16th closing, the rent proration on the settlement statement would be $1,548.38 Credit Buyer & Debit Seller.

-Seller must pay buyer for the days the buyer owns the property, Oct 16 - 31, 16 days. $750 x 4 /31 = $96.77 per day x 16 = $1548.38

<h3>What does it mean to prorate your rent?</h3>

The amount a landlord charges is referred to as "prorated rent" and is only applied to the days the unit is occupied when a resident occupies it for a short period of time (a month, week, day, etc.). Given that daily rates are frequently more expensive, it is based on monthly rates instead than daily rates.

You must first determine the daily rent in order to figure out how much prorated rent will be. Divide the overall rent payment by the number of days in a month to arrive at this. Then double the acquired daily rent amount by the number of days you will be occupying the property during that month.

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1 year ago

What is the inventory turnover ratio for ABC Corp. if cost of goods sold equals $5,000, current ratio equals 3, quick ratio equa

soldi70 [24.7K]

Answer:

Inventory turnover= 5.5 times

Explanation:

Current ratio is given as 3

Cost of goods sold = $5,000

Current assets = $1,800

Quick ratio= 1.5

Current ratio= current assets/ current liabilities

3= 1,800/ current liabilities

Current liabilities= 1,800/3

Current liabilities= $600

Quick ratio= Cash and Receivables/ Current liabilities

1.5= Cash and Receivables/600

Cash and Receivables= 600* 1.5= $900

Current asset= Cash and Receivables + Inventory

1,800= 900+ Inventory

Inventory= 1,800-900

Inventory= $900

Inventory turnover= Cost of goods sold/ Inventory

Inventory turnover= 5,000/900

Inventory turnover= 5.5 times

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3 years ago

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4 years ago