Answer:
Part (1) November 1
The amount paid is the rental advances and must be recorded as advances which falls under the current asset category:
Dr Rental Advances $90,000
Cr Bank account $90,000
Part (2) December 31
On this date, some of the rental advances paid would be realized as expenses from the period November 1, 20X1 to December 31, 20X2.
This time duration constitutes to 2 months and the rental advance made on November were for five months. Out of these 5 months, 2 months share must be recognized as expense which is
The relevant entry would be:
Dr Rental Expenses $36,000
Cr Rental Advances $36,000
Answer:
$5,181.06
Explanation:
For computation of firm's net fixed assets first we need to follow some steps which is shown below:-
Current Ratio = Current Assets ÷ Current Liabilities
Current asset = Current ratio × Current liability
= 1.60 × $970
= $1,552
Profit Margin = Net income ÷ sales
Net income = Profit margin × sales
= 0.098 × $5,175
= 507.15
Long term debt ratio = Long term debt ÷ (Long term debt + Total equity)
0.50 = Long term debt ÷ (Long term debt + 2881.53)
Long term debt = 1440.765 ÷ (1 - 0.5)
= 2881.53
Total debt = Current liability + Long term debt
= 970 + 2881.53
= 3851.53
Total Asset = Total debt + Total equity
= 3851.53 + 2881.53
= $6733.06
Net fixed Asset = Total Asset - Current Asset
= $6,733.06 - $1,552
= $5,181.06
Answer:
contingent worker
Explanation:
A contingent worker is a person that is a non-permanent worker, that is outsourced and has skills that are necessary to perform the job and works for a specific project. These workers are not employees of the company which means that they don't receive benefits. According to this, the answer is that Jon will again try to hire on as a contingent worker because he would be an outsourced worker that is not permanent as he would work during the summer months, he won't get benefits and he has the skills that are required for the position.
A cost that remains unchanged in total despite variations in the volume of activity within a relevant range is a fixed cost. The fixed cost is a type of cost behavior which remains unchanged regardless of the unit or activity changes in a production process<span>. There are four types of cost behavior, which are the fixed cost, the variable cost, the mixed cost, and the step cost.</span>
Answer:
C This policy will be excess if the other policy is in a different insurer.
Explanation:
Concurrent Insurance is a situation where there are more than one insurance policy for same risk. This is insurance policy which is usually with one primary policy covering the basic loss and then there is secondary policy which provides the excess loss coverage. There can be some clauses in the policy which will define the extend of the loss coverage. This is suitable for business with significant risks. Here also in the question there are two insurance policies for a personal auto.
