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MrRa [10]
3 years ago
11

Howard Inc. had prepaid rent of $94,000 and $105,000 at the end of 2017 and 2018, respectively. During 2018, Howard recorded $25

9,000 in rent expense in its income statement. Cash outflows for rent in 2018 were_______.
Business
1 answer:
Paladinen [302]3 years ago
4 0

Answer:

The outflow of cash in respect of rent is $270,000

Explanation:

The task is compute cash outflows on rent in the year 2018.

The prepaid rent at the end of 2017 relates to rent expense but was paid last year hence should be deducted from rent expense in the year,

On the other hand , the prepaid expense for 2018 was paid  during the year hence should be added to rent expense in order to cash cash outflow  relating to rent expense

Rent expense             $259,000

Prepaid rent 2017        ($94,000)

prepaid rent 2018      $105,000

Cash paid in 2018       $270,000

Ultimately the outflow of cash in respect of rent in the year is $270,000

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3 0
2 years ago
Read 2 more answers
A salesperson is offering promissory notes for a company selling coffee at drive-through kiosks. The notes pay a 13% interest ra
OverLord2011 [107]

Answer:

Legitimate promissory notes are marketed to sophisticated, corporate investors that have the ability to thoroughly research the company issuing the notes and determine whether the issuer will be able to repay principal and interest.   There have been many instances of "promissory note fraud" where unlicensed individuals push bogus promissory notes that are sold as investments that offer above-market fixed interest rates and safeguarding of principal - and most of there are frauds.  This is a major concern to state regulators.

To offer a promissory note, both the salesperson and the note must be registered in the state.  Only promisory notes that have maturities of 9 months or less, that are investment grade, and are sold in minimum increments of $50,000 are exempt from registration.  

Finally, the tell-tale sign of fraud are:

Statements that tho notes are "guaranteed" or insured, especially by bogus foreign entities.

Promises of above-market rates fo return

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4 0
3 years ago
On July 1, SHady resort borrowed 350,000 cash by signing a 10-year, 8.5 % installment note requiring equal payments each June 30
Nadusha1986 [10]

Answer:

$29,750

Explanation:

Since the Annual Payments of $53,343 are all equal for the period of 10 years at 8.5% installment note, therefore we Simple interest formula here to calculate the interest amount;

I = Prt

P = Principal Amount = $350,000

r = Interest Rate = 8.5%

t = time = 10-year

I = Interest = 350,000 x 0.085 x 10  = 297,500

Hence, the first annual payment of interest expense will be:

= 297,500 / 10 = $29,750

3 0
3 years ago
The real wages of workers will tend to be high when
DIA [1.3K]

Answer:

When labor productivity is high.

Explanation:

According to neoclassical economic theory, real wages are equal to the marginal product of labor (MLP). The marginal product of labor is the extra output produced by one extra unit of labor (one extra worker).

If the MPL is high, this means that workers are very productive, and therefore, are paid a high real wage accordingly.

This is why countries with high labor productivity like the U.S. or Switzerland also have very high real wages.

6 0
3 years ago
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umka21 [38]

Answer:

The Correct answer is "Public transport is an inferior good".

However, it is identified that the Public transport is an inferior good it highlighted the facts that if there should arise an occurrence of substandard great, As, the increment in income of an individual prompts to decline in  the amount of demand and vice versa.

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3 years ago
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