Answer:
a)
Explanation:
Based on the information provided within the question it can be said that the 5% tourism tax revenues would be classified as committed. This is because this percentage was pledged as part of the policy that was passed into law by the county commission. Therefore this money is dedicated to that policy alone and must be used for that.
The group of accounts maintained by a company. -The entire group of accounts maintained by a company is called ledger. A ledger balance is computed by a bank at the end of each business day and includes all withdrawals and deposits to calculate the total amount of money in a bank account
Answer:
B) 30.70%
Explanation:
Given: Assets= $430000.
Liabilities= $132000.
Equity= $298000.
Now, computing to find debt ratio.
Formula; Debt ratio=
⇒ Debt ratio=
∴ Debt ratio=
Debt ratio determine the financial risk of the company, as higher is the debt ratio, greater is the financial leverage of the company and it also show the percentage of the assets funded by debt.
Hence, 30.70% is the company's debt ratio as of December 31.
Life is while you are living Death is when you are dead
Answer:
The amount of rent expense that will be reported on the Year 1 income statement is $1,800
.
The cash outflow for rent that would be reported on the Year 1 statement of cash flows is $5,400.
Explanation:
Though the amount paid was paid on October 1, Year 1 it will only be expensed from October to December for year 1.
The duration of the payment is 12 months, hence
Monthly amortization = $7,200/12 = $600
Rent expense for year 1 = $600 × 3 = $1,800
The ending balance in the prepaid rent account will be
= $7,200 - $1,800
= $5,400
This will be the cash outflow for rent that would be reported on the Year 1 statement of cash flows.