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oksian1 [2.3K]
3 years ago
6

On August 1, Brooks Company received $13,800 for six months of rent in advance. Brooks credited Deferred Rent Revenue. If the ap

propriate adjusting entry is not made at the end of the year, what will be the effect on:
(a) Income statement account
(b) Net Income
(c) Balance Sheet account
Business
1 answer:
SashulF [63]3 years ago
7 0

Answer:

Explanation:

In this question, we assume that the financial year is the calendar year

The financial year is remaining for 5 months whereas the calendar year is remaining for 6 months

So for 5 months, the rent would be treated as income

And for 1 month, it would be treated as a liability

If the appropriate adjusting entry is not made.

So, the effect would be

(a) Income statement account  = Revenue is overstated, expense = no effect

(b) Net Income  = Since revenue is overstated, so net income is also overstated

(c) Balance Sheet account = Assets = no effect, liabilities = understated and retained earnings = overstated

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The market most likely to be characterized by oligopolistic competition in the united states is smartphone service providers.

<h3>What is an oligopolistic competition ?</h3>

An oligopoly is when there are few large firms operating in an industry. This is because there are high barriers to the entry and exit of firms into the industry.  The  smartphone service provider industry is dominated by  five industries due to the high cost and regulations in the industry.

Here are the options to the question:

a) soybeans

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1 year ago
Cereal is an example of a consumer product, where many ________ cost comprehensive prototypes are built since the product has __
Ilia_Sergeevich [38]

There are different types of prototype decisions. Cereal is an example of a consumer product, where many low cost comprehensive prototypes are built since the product has high market risk.

There are different kinds of Prototype Decision when looking at the technical risk compared to the prototype cost. They are:

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  • Low risk - high cost (ships, buildings) : Here, there is no way one can afford comprehensive prototype.

  • High risk - low cost (software) : Here, there a a lot of comprehensive prototypes.

  • High risk - high cost (airplanes, satellites) : This often make use of analytical models a lot, have a well throughout planned of comprehensive prototypes

Prototyping is simply known to be the estimation or approximation of the product with its one or more areas of interest.  It has 2 kinds which are Physical prototypes vs. analytical prototypes , Comprehensive (with all the attributes of a product) vs. focused.

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4 0
2 years ago
What is not part of all contracts?
sdas [7]
Premium is not included in all contracts. 
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6 0
3 years ago
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economists argue that rent control is a highly efficient way to help the poor raise their standard of living.
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Economists argue that rent control is a highly efficient way to help the poor raise their standard of living. The statement is False.

<h3>What is Economists?</h3>

An economist refers an individual who possesses deep knowledge about the connection between the production that takes place with the help of resources and the output received to determine the growth.

Rent control is a highly efficient way to help the poor raise their standard of living is False. The quantity of legal rise would be limited by rent control, and most landlords support these rules.

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economists argue that rent control is a highly efficient way to help the poor raise their standard of living. True/False.

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You order a $20 sweatshirt online for a Father’s Day gift. The shipping charge is $10. You can get free shipping if your order t
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Answer:

Incentive

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Incentive -

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