1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
katovenus [111]
2 years ago
10

Rent collected in advance is: Multiple Choice A shareholders' equity account in the balance sheet. A temporary account, not in t

he balance sheet at all. An asset account in the balance sheet. A liability account in the balance sheet.
Business
1 answer:
gulaghasi [49]2 years ago
3 0

Answer:

A liability account in the balance sheet.

Explanation:

When rent is collected in advance, the entries required to be recognized at the point of collection is as follows;

Debit Cash account

Credit Unearned/Deferred rental revenue

The cash account is an asset while the Unearned/Deferred rental revenue is a liability account.

As such, the collection of rent in advance is A liability account in the balance sheet.

You might be interested in
Today, sandra will present a report to her class on the top ten income-producing countries in the world. most of the countries t
Radda [10]

<span>The world’s richest countries are mostly found in Europe. Therefore Sandra will be presenting most of the countries located in <u>“Europe”</u>.</span>

<span>One possible factor why Europe is so rich is because of the numerous wars it encountered.  Aside from the wealth obtained in the conquest, wars also lead to advancement in technology. </span>

3 0
2 years ago
Diggin Tools just issued new preferred stock, which sold for $85 in the stock markets. Holders of the stock will receive an annu
lys-0071 [83]

Answer:

c. 11.70 percent

Explanation:

The computation of the cost of preferred stock is shown below:

= Annual dividend ÷ Sale price of preferred stock × (1 - flotation cost)

= $9.35 ÷ $85 × (1 - 6%)

=  $9.35 ÷ $79.9

= 11.70%

We ignored the marginal tax rate i.e 30%. In the case of preferred stock, the flotation cost would be deducted. We consider all the things that are given in the question

3 0
3 years ago
A seller uses a perpetual inventory system, and on April 17, a customer returns $1,000 of merchandise previously purchased on cr
Vika [28.1K]

Answer:

The solution is given in tabular form.

7 0
3 years ago
Pete is a woodworker and charges $125 an hour for his time manufacturing custom-made wood products. For his wife's birthday, he
andreev551 [17]

Answer:

GDP is not affected by Pete's production of the jewelry box.

Explanation:

Pete is a woodworker and works 20 hours to prepare a jewelry box to gift his wife. If Pete prepares this jewelry box to sell and earn revenue, this will be considered in GDP but in this case Pete prepares a jewelry box to give his wife as his wife's birthday gift.

All types of gifts received or given in kind are not included in Gross Domestic Production.

6 0
3 years ago
True or false: Many companies are discontinuing defined-benefit plans and moving toward defined-contribution plans, which shifts
julsineya [31]

Answer:

False

Explanation:

A defined benefit pension plan is a type of pension plan where the employer gives a promise with respect to the particular pension payment that could be lumpsum for the retirement basis

Since in the question it is mentioned that the companies would not continue with the defined benefit plan and they move to the defined-contribution plans that save for the retirement so that it would create the more responsibility over the company due to this they would provide the retirement benefit but this statement is false as it is better to received the lumpsum amount

5 0
2 years ago
Other questions:
  • The _____ tax rate is the percentage of additional earnings that goes to taxes.
    11·1 answer
  • Study the following transactions . Journalize the transactions in a two-column journal, using the appropriate number to identify
    12·1 answer
  • A corporation purchases 1,000 shares of its own common stock for $4,000 on Feb. 13. On April 13, half of the treasury stock was
    11·1 answer
  • Which of the following is a true statement? Multiple Choice a) Meals are never deductible as a business entertainment expense. b
    14·1 answer
  • Tina enrolls in additional training for her personal development. Which quality is she demonstrating? Tina is demonstrating ____
    12·2 answers
  • Household behavior with respect to changes in income can be described by the marginal propensity to consume (MPC) and the margin
    11·1 answer
  • OSHA can help a business avoid this type of risk
    11·2 answers
  • Trek Company has the following production data for April: units transferred out 41,400, and ending work in process 5,620 units t
    7·1 answer
  • What are the characteristics of economic globalization​
    7·2 answers
  • As of 2019, Tom Craddick, the representative with the longest tenure of service, has served ______ years.
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!