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shtirl [24]
2 years ago
8

Bonita Realty Management Co. received a check for $32,400 on August 1, which represents a one year advance payment of rent on an

office it rents to a client. Unearned Rent Revenue was credited for the full $32,400. Financial statements are prepared on December 31. The appropriate adjusting journal entry to make on December 31 of the first year would be a
$13,500 debit to Unearned Rent Revenue and a $13,500 credit to Rent Revenue.
Solution:
The year-end adjusting entry reduces the liability (i.e., Unearned Revenue) and increases Revenue for the amount of revenue earned during this accounting period.
Revenue earned Aug. through Dec. = 32,400 x 5/12 = 13,500

Chapter 4, Learning objective 4 T/F
Business
1 answer:
Pachacha [2.7K]2 years ago
5 0

Answer:

True

Explanation:

The adjusting journal entry is shown below:

Unearned Rent Revenue A/c Dr $13,500

         To Rent revenue A/c $13,500

(Being the unearned rent revenue is recorded)

The computation is given below:

= Check received × number of months ÷ total number of months in a year

= $32,400 × 5 months ÷ 12 months

= $13,500

The five months is calculated from August 1 to December 31

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The owner of Genuine Subs, Inc., hopes to expand the present operation by adding one new outlet. She has studied three locations
Lostsunrise [7]

Answer and Explanation:

The computation of the volume necessary for each location is as follows;

a) Volume required for break even at location A

= ($5,400 + $10,000) ÷ ($2.70 - $1.90)

= 19,250 units

Volume required for break even at location B

= ($5,700 + $10,000) ÷ ($2.70 - $1.90)

= 19,625 units

Volume required for break even at location C

= ($5,950 + $10,000) ÷ ($2.70 - $1.90)

= 19,938 units

8 0
3 years ago
Webster Corporation's monthly projected general and administrative expenses include $5,600 administrative salaries, $3,000 of ot
SCORPION-xisa [38]

Answer:Total general and administrative expenses budget per month  =$10,250

Explanation:

Total general and administrative expenses are  the compulsory costs to ensure that a company's day to day  operations is  maintained  whether or not the company is making profit.

General and administrative expenses includes Rent, Utility bills,  insurance  wages and benefits, depreciation of office furnitures, Office supplies and  are regarded as  operating expenses and therefore  interest paid on a bank loan is not an operating expenses but a  financing activities and will not be considered as an administrative expense.

Administrative expenses= administrative Salaries+Other cash administrative expenses+Depreciation

=$5,600+$3,000+$1,650

=$10,250

​

4 0
3 years ago
Producers are driven by
Reil [10]
The correct answer is option c)

5 0
3 years ago
In contingency planning, a(n) _________ that threatens the security of the organization's information is called an _________
andreev551 [17]

Answer:

adverse event, incident

Explanation:

contingency planning is referred to as the planning for unexpected events. The main focus behind inducing Contingency planning is to restore the normal position without disrupting business operations.

An incident response plan is induced to take action against the incident while the Disaster recovery plan is used to restored business operation after incident occurred.

7 0
3 years ago
Assume that the farmer and the rancher can switch between producing pork and producing tomatoes at a constant rate. Assume that
dusya [7]

Answer:

C) 6 pounds of pork and 8 pounds of tomatoes

Explanation:

Explanation:

            Labor hours to make 1 lb. of:          lbs. produced in 24 hours

                 Pork                  Tomatoes              Pork            Tomatoes

Farmer         6                            3                       4                       8

Rancher       4                            4                       6                       6

If both decide to specialize in producing only one good, the farmer will produce 8 pounds of tomatoes per day and the rancher will produce 6 pounds of pork per day.

This way when the rancher trades 4 pounds of pork in exchange for 6 pounds of tomatoes, he is gaining 2 pounds of pork which is equivalent to 8 labor hours.

When the rancher trades 6 pounds of tomatoes in exchange for 4 pounds of pork, he is gaining 2 pounds of tomatoes which is equivalent to 6 labor hours.

3 0
3 years ago
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