Answer:
d. net income for the year will be overstated.
Explanation:
The prepaid rent account is used to record the amount paid in advance for rent. Once the amount is paid, the entries required are
Debit Prepaid rent
Credit Cash account
On subsequent use of the rent, the required entries are
Debit Rent expense
Credit Prepaid rent
As such where at the end of the fiscal year, the usual adjusting entry to update Prepaid Rent for the portion of the benefit that was used up / expired was accidentally omitted, net income for the year will be overstated as the rent expense that would have been posted to reduce it would have been omitted.
Answer:
A) Cash (debit) 180,000; Common stock (credit) 150,000; Additional paid-up capital-common stock (credit) 30,000 - Debit - Credit = 0
B) Cash (debit) 255,000; Preferred stock (credit) 250,000; Additional paid-up capital-preferred stock (credit) 5,000 - Debit - Credit = 0
C) Cash (debit) 900,000; Common stock (credit) 600,000; Additional paid-up capital-common stock (credit) 300,000 - Debit - Credit = 0
Explanation:
In Eastport Inc.´s case all 3 situations are similar, shares (Stockholders´Equity) increased, so credits in 4 accounts, according to the type of shares that are issued, must be registered: Common stock, Preferred stock, Additional paid-up capital-common stock, Additional paid-up capital- preferred stock. We will recognize the par value and stated value of the shares and the difference between this and the price paid by shareholders will be recognized as additional paid-up capital. Also, cash (Asset) is received as payment for the shares so a debit must be registered in the account Cash.
Your answer would be ( A ) one - sided message
Answer:
Chapter 7 bankruptcy
Explanation:
Chapter 7 bankruptcy is the most common type of bankruptcy filing and it can be filed by individuals, partnerships or corporations (anyone can do it). It is also the quickest and simplest form of bankruptcy filing. But if you are an individual, in order to qualify for Chapter 7 bankruptcy you must earn less than the median state income. Many people choose Chapter 7 bankruptcy since they can get to keep all or almost all of their property.
The accountant have upon retirement $336,509.63
What is the future value of an annuity?
The accumulated balance in the accountant's retirement account upon retirement is the future value of $6,000 invested for 3 years earning 4% annual rate of return using the future value formula of an ordinary annuity as shown below:
FV=PMT*(1+t)^N-1/r
FV=accumulated balance after 30 years=unknown
PMT=annual investment=$6,000
r=rate of return=4%
N=number of annual investments in 30 years=30
FV=$6000*(1+4%)^30-1/4%
FV=$336,509.63
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