Answer:
D. debit Unearned Rent Revenue, $4720; credit Rent Revenue, $4720.
Explanation:
When the Cash was received for 6 month`s Rent the entry was :
Debit : Cash $28320
Credit : Unearned Rent Revenue $28320
At 31 July when 1 month`s rent expires the entry will be :
Debit : Unearned Rent Revenue (1/6 x $28,320) $4,720
Credit : Rent Revenue $4,720
thus
We reverse the liability - Unearned Rent Revenue and recognize Revenue for the month expired.
Answer:
D. the same amount of capital and labor.
Explanation:
Based on the scenario being described within the question it can be said that the aggregate production functions will shift upward when the same amount of capital and labor. This is because the aggregate production function describes how real GDP within an economy depends on available inputs, such as the labor that is being put into production, and that labor needs capital.
Mass production - to produce custom products in large quantities
Answer:
C : It is recorded for the fraction of the year to the date of the disposal.
Explanation:
Depreciation is the expense charged for providing against benefits arising through the assets. When any assets are to be sold, then depreciation is to be provided against the time period it is used as the benefit have been received for such.
Therefore, even in case of sales of the asset, the depreciation is provided for the period, it is in the books, and held in hand.
Therefore, the correct statement is:
Statement C
Answer:
For a company using target costing, market price minus profit equals target cost and not target price.
The correct answer is False
Explanation:
Target cost is the excess of market price over target profit margin. In target costing, the company does not fix the selling price because selling price is determined by the market.
