Answer:
All of these answers is correct.
Explanation:
All 3 are dumb, but we gotta follow them.
Answer:
Been paid for but not yet recorded as expenses
Explanation:
Prepaid expenses have been paid for but not yet recorded as expenses.
They are future expenses paid for in advance or costs that have been incurred without the benefits being enjoyed by the company.
A good example of prepaid expenses id Rent paid in advance at the beginning of the year. Such rent is a cost incurred in advance as the rent period has not been enjoyed yet.
The entries for such prepaid expenses is to debit 'prepaid expenses' like an asset and credit Bank/Cash. The expense account is debited after the benefits have accrued, with the corresponding Credit going to the Prepaid expenses account.
Answer:
A. profit.
Explanation:
We know,
Net Income (profit) = Sales revenue - the cost of goods sold and operating expenses
Here,
The Ice Cream shop made $100,000 on sales revenue. However, the expenses of the shop include supplies and factory space, i.e., rent expense is $75,000.
Therefore, Net Income (profit) = $100,000 - $75,000 = $25,000
Since the sales revenue exceeds the expenses, the company gets a profit. So, <em>option A</em> is the answer.
mr. josh kenney, a u.s. citizen and resident of vermont, owns 100 percent of the stock of jk services, which is incorporated under vermont law and conducts business in four counties in the state.
There are three taxpayers identified in the given situation and these are as follows:
Mr. Josh Kenny
JK Services
JK Realty
Governments with jurisdiction in the given case are as follows:
Mr. Josh Kenny falls under the State of Vermont where he is a resident and
JK Services falls under the State of Vermont where it is incorporated and operates and
JK Realty falls under the City of Boston where it is operates.
To know more about taxpayers here:
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