Answer:
b. a credit to rent expense for $13,500
Explanation:
The computation is shown below:
Since there is an advance rent for $18,000 on Jan 1 and the adjusting entry would be made on March 31
So, the amount would be
= $18,000 - $18,000 × 3 months ÷ 12 months
= $18,000 - $4,500
= $13,500
This amount i.e $13,500 would be credited to rent expense
Hence, the second option is correct
The
journal or newspaper the work is published in the reader the
specific person or group of people the writer is directing his or
her information towards anyone who happens to pick up the article
or book and reads it.
Hope this helps! :)
Answer: See explanation
Explanation:
The necessary closing entries from the available information at December 31 will be calculated thus:
1. Dec 31
Dr Services Revenue $13000
Cr Income Summary $13000
2. Dec 31
Dr Income Summary $10000
Cr Wages expense $8400
Cr Rent expense $1600
3. Dec 31
Dr Income Summary = $13000 - $10000 = $3000
Cr D. Mai, Capital $3000
4. Dec 31
Dr D. Mai, Capital $800
Cr D. Mai, Withdrawals $800
Answer:
The cost of opportunity is 4 pancakes.
Explanation:
The cost of opportunity is by definition the amount of things you don't do or buy, because of choosing doing or buying something else. In this case, Maria can make:
This means that at every moment, she can choose to make or 8 pancakes or 2 waffles, but not both. If we continue with this logic, in the time she could make 1 waffle, she could have chosen to make 4 pancakes. This is her cost of opportunity.
Answer: a. 36 years
b. 10 years
c. a. It is closely tied to standard of living.
Explanation:
a. The Rule of 72 simply states that an amount will double for a certain number of period when using the formula:
= 72 / growth rate
= 72 / 2
= 36 years
b. When the growth rate is 7%, the doubling time for the economy will be:
= 72 / growth rate
= 72 / 7
= 10 years approximately
c. The options are:
Economic growth is important to understand because:
a. It is closely tied to standard of living.
b. Growth guarantees that the rich get richer and the poor get poorer.
c. Income equality cannot exist without growth.
d. Understanding economic growth is key to getting a banking job after graduation
