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denis-greek [22]
3 years ago
5

Prepaid rent for one year on January 1, 2019, in the amount of $95,760. Record the adjustment on January 31, 2019. Purchased sup

plies for $4,600 on January 1, 2019. The inventory of supplies was $2,200 on January 31, 2019. Record the adjustment for the amount of the supplies that were used during the month of January 2019. Depreciation is computed using the straight-line method. Equipment purchased on January 1, 2019, for $31,200 has an estimated useful life of 4 years with no salvage value. Record the adjustment on January 31, 2019. Signed a 12-month contract for $4,800 of prepaid advertising on January 1, 2019. Record the adjustment for the amount of the advertising contract that expired during the month of January 2019.
Business
1 answer:
blondinia [14]3 years ago
7 0

Answer:

rent expense 7,980 debit

    prepaid rent    7,980 credit

supplies expense 2,400 debit

            supplies           2,400 credit

depreication expense 650 debit

      accumulated dep equipment 650 credit

advertizing expense 400 debit

       prepadi advertizing    400 credit

Explanation:

95,760 for a complete year we divide by 12 to get the amount per month:

7,980 we will decrease the prepaid and delcare the expense

supplies 4,600 - 2,200 end of the month = 2,400 consumed /expense incurred

we decrease supplies and post the expense for the consumer amount

depreciation for the month:

31,200 / 4 = 7,800 per year  / 12 = 650 per month

the adv will be the same procedure as rent: 4,800 / 12 = 400

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1 year ago
State and city governments have promoted facilities where new businesses can open up shop and share common services such as secr
denis-greek [22]

Answer:

Incubators

Explanation:

In north american context the incubators refers to small places for business provided on low rent.

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This provides that because of this facility incubators will grow.

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3 years ago
On April 23, Mrs. Y purchased a taxi business from Mr. M for a $60,000 lump-sum price. The business consisted of a two-year-old
vladimir2022 [97]

Answer:

Follows are the solution to the given points:

Explanation:

In point a:

It must allocate \$19000 for both the taxicab and \$41,000 for the rest of the license, the client list, and the company name registered.

Its cost of intangible material could be amortized for 180 months starting in April. (\frac{41,000}{180}) \times 9\ \ months = \$2,050 is her amortization deduction.

She could also use Section 179 to decrease her taxable money to \$17,890 (\$36,890 - \$19,000) but include her deduction.

Her taxable annual income is \$15,840 (\$17,890 - \$2,050).

In point b:

They must allocate \$19,000 for the taxi and\$41,000 for their licenses, the customer list as well as the business by interacting with people register. Its cost of the material could be depreciated for 180 months, starting in April.

(\frac{41,000}{180}) \times 9\ \ months = \$2,050  is her amortization deduction.

The taxable income here = \$0 (from \  \$17,100 -\$19,000) = -1,900.

Section 179 could be requested if another income is earned on the tax return (such as W-2 wages).

As all Section 179 is unpaid with other earned income, it is carried forward into the next year.

3 0
3 years ago
The Allowance for Bad Debts account has a debit balance of $ 9 comma 000$9,000 before the adjusting entry for bad debts expense.
Yakvenalex [24]

Answer:

the amount of the adjustment in the Allowance for

Bad Debts​ account  $3.000

Explanation:

Initial Balance  

Allowance for Uncollectible Accounts  $ 9.000

END Balance  

Allowance for Uncollectible Accounts  $ 12.000

The adjustment entry in the accountig will be

Bad debt expense  $ 3.000  

Allowance for Uncollectible Accounts   $ 3.000

3 0
3 years ago
Projects S and L both have normal cash flows, and the projects have the same risk, hence both are evaluated with the same WACC,
kirill115 [55]

Answer:

E. If Projects S and L have the same NPV at the current WACC, 10%, then Project L, the one with the lower IRR, would have a higher NPV if the WACC used to evaluate the projects declined.

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