Answer: See explanation
Explanation:
It should be noted that adjusting entries are normally made at the conclusion of an accounting period so that the income and expenditure will be allocated to the particular period when they took place.
Prepaid rent is calculated as:
= 2660 × (36-5)/36
= 2660 × 31/36
= 2290.56
Unearned revenue:
= 8000 × 11/48
= 1833.33
Accrued interest:
= 3400 × 12% × 8/12
= 3400 × 0.12 × 8/12
= 272
Salary expense:
= 2500 × 4/5
= 2000
The adjusting entry has been attached.
Answer:
C) The U.S.dollar became a vehicle currency after World War II when all of the world's major currencies were tied indirectly to the dollar because it was the most stable currency.
Explanation:
The option among the given choices that most appropriately defined a vehicle currency is that: The U.S.dollar became a vehicle currency after World War II when all of the world's major currencies were tied indirectly to the dollar because it was the most stable currency.
<u>A vehicle currency is a legal tender that is used as a common denominator and basis for exchange in international transactions</u>
Answer:
C. Cost of Goods Sold: Understated, and Net Income: Overstated
Explanation:
The cost of goods can be defined as the amount that a business has to pay in other for them to get an inventory. the net income can be defined as the amount of money that is left from COGS and other expenditures that does not include taxes and payments of interest. Overstating the inventory causes the total amount of earnings to be overstated for that accounting period. while the cost of good sold would be understated
Answer:
It is likely I sold 500 shares between $40 and $42 per share
Explanation:
Given that:
No of Shares owned = 500 Shares
Current Price per share = $50
Stop limit order price per share = $40
Thus, note that, Stop Limit order is a type of order that specify, the maximum amount at which an individual is willing to buy a stock i.e stop limit buy order or the minimum amount at which individual is willing to sell a stock i.e stop limit sell order.
Therefore, as I have placed a Stop limit sell price at $40, this implies that minimum price for the sale of share is fixed at $40, hence, if the selling price falls to $30, sale will not be executed.
However, Sale will be executed at $40 or more. Therefore, as the share price rose to $42 per share, it is likely I sold my share between $40 and $42
Hence, It is likely i sold 500 shares between $40 and $42 per share