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Alexxandr [17]
3 years ago
13

Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense: a. Cash

received for use of land next month b. Fees earned but not received in cash c. Wages owed but not yet paid d. Supplies on hand
Business
1 answer:
slava [35]3 years ago
3 0

Answer:

a. Unearned Revenue; b. Accrued Revenue; c. Accrued Expense; d. Prepaid Expense

Explanation:

Prepaid Expenses : Expenses paid before due

Unearned Revenue : Revenue earned before due i.e Advance Income

Accrued Revenue : Revenue earned i.e due , but not received

Accrued Expense : Expense due but not paid i.e Outstanding Expense

a. Cash received for use of land next month = Unearned Revenue or Advance Income

b. Fees earned but not received in cash = Accrued Revenue / Accrued Income

c. Wages owed but not yet paid = Accrued Expense / Outstanding Expense

d. Supplies on Hand = Prepaid Expense

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Bill lends Joann​ $1,000 for a year at a nominal interest rate of 6​%. If both Bill and Joann expect the inflation rate to be 3​
Kamila [148]

the answer would be 3%


7 0
3 years ago
Prepare journal entries to record the following production activities.
blagie [28]

Answer:

1.Dr Work in progress inventory75,000

Dr Payable Factory payroll 75,000

2. Dr Factory overhead 20,000

Cr Factory Payroll Payable 20,000

3. Dr Factory wages payable 95,000

(75,000+20,000)

Cr Cash 95,000

Explanation:

Preparation to record Journal entry

1. Since the amount of $75,000 was been Incurred of the direct labour production this means we have to record the transaction as :

Dr Work in progress inventory75,000

Dr Payable Factory payroll 75,000

2. Since the amount of $20,000 was Incurred of indirect labor in production this means we have to record the transaction as:

Dr Factory overhead 20,000

Cr Factory Payroll Payable 20,000

3. Since factory payroll was paid the transaction will be recorded as :

Dr Factory wages payable 95,000

(75,000+20,000)

Cr Cash 95,000

5 0
2 years ago
You own one call option with an exercise price of $30 on Nadia stock. This stock is currently selling for $27.80 a share but is
Shalnov [3]

Answer: 0.755

Explanation:

From the information given, the current per share value of the option if it expires in one year will be calculated as follows:

Firstly, we calculate the present value which will be:

= $28 / ( 1 + 0.05 )

= $28/1.05

= $26.667

The number of options needed will be:

= ( 34 - 28 )/ ( 4-0)

= 6/4

= 1.5

Therefore,

27.80 = (1.5 x Co) + [28 / (1+0.05)]

27.80 = 1.5Co + (28/1.05)

27.80 = 1.5Co + 26.667

1.5Co = 28.0 - 26.667

1.5Co = 1.1333

Co = 0.755

Therefore, the answer is 0.755

5 0
2 years ago
Putting together two or more parcels of land to make a large piece is called:________.
NeTakaya

Answer:

Assemblage.

Explanation:

In Real estate, putting together two or more parcels of land to make a large piece is called assemblage. The main purpose of assemblage is to increase the price of parcels of land by combining them together rather than selling them individually as a single unit.

<em>For instance, a real estate agent may purchase two (5) parcels of land each worth $50,000 (2 × $50,000). When he assembles them, the new single parcel of land is worth $150,000. </em>

6 0
3 years ago
Complete each sentence by selecting the correct term using the drop-down list.
Tomtit [17]

Answer:

FOB destination means "Free on Board Destination.

1. Goods transit shipped to Abbey (purchaser) FOB Destination

Answer: Exclude from inventory

2. Goods in transit shipped to Abbey (purchaser) FOB Shipping Point

Answer: Include in inventory count

3. Goods transit shipped by Abbey (seller) FOB Destination

Answer: Include in inventory

4. Goods in transit shipped by Abbey (seller) FOB Shipping Point

Answer: Exclude from inventory

6 0
2 years ago
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