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aalyn [17]
3 years ago
15

In October of the current year, Jasmine received a $15,520 payment from a client for 32 months of rent. The rental period begins

on September 1 of this year. This amounts to $485 per month. Jasmine is a calendar-year taxpayer. What amount of the $15,520 payment, if any, must Jasmine recognize this year if she uses the accrual method of accounting
Business
1 answer:
serg [7]3 years ago
5 0

Answer:

Jasmine recognize $1,940 this year if she uses the accrual method of accounting.

Explanation:

The Accrual or Matching Concept in accounting requires revenues and expenses to be recorded in the period i which they occur or incur.

The entry to record the receipt of payment is :

Cash $15,520 (debit)

Unearned Rental Income $15,520 (credit)

By the end of the year on 31 December, 4 months rent income starting September will have been earned and entries are as follows :

Unearned Rental Income $1,940 (debit)

Rental Income $1,940 (credit)

Rental Income calculation = $15,520 × 4 / 32

                                           = $1,940

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Explanation: When the price of gold an input used in the production of processors increases, it leads to a rise in the cost of producing processors. As a result of this, producers will cut down their production and decrease supply. The supply curve for processors will shift upward to the left from S1 to S2 leading to a rise in the price of processors from P1 to P2 and a fall in the quantity of processors being sold in the market from Q1 to Q2.

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3 years ago
Which skills would be the most beneficial for a computer help desk technician?
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3 years ago
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A buyer with a 15-year, $250,000 loan at a 5.5% interest rate has a monthly principal and interest payment totaling $2,042.71. W
lorasvet [3.4K]

<u>Given:</u>

Loan amount = $250000

Interest rate = 5.5%

Interest payment = $2042.71

<u>To find:</u>

Total amount of interest

<u>Solution:</u>

The total number of months in 15 years = 15\times12=180\text{ years }

Total monthly payments will be 180\times \$2042.71 = \$367687.8

So, the total pay-backs will be $3,67,687.8

Total interest paid will be as follows,

\text{Total interest paid = Total pay-backs - Loan amount}

On plugging-in the values in the above formula we get,

\Rightarrow \$3,67,687.8-\$250,000=\$1,17,687.80

Therefore, the total amount of interest that the borrower will pay over the course of the loan is $1,17,687.80.

8 0
3 years ago
Marle Construction enters into a contract with a customer to build a warehouse for $950,000 on March 30, 2021, with a performanc
Mandarinka [93]

Answer:

The correct answer is option (B).

Explanation:

According to the scenario, computation of the given data are as follows:

As probability is not correctly given.

Let probability be:

July 31, 2021 = 65%

August 7, 2021 = 25%

August 14, 2021 = 5%

August 21, 2021 = 5%

So, We can calculate the transaction price by using following formula:

Transaction price = (Amount + Bonus) × Probability

July 31, 2018 =  ($950,000 + $50,000) × 65% = $650,000

August 7, 2018 = ($950,000 + $40,000) × 25% = $247,500

August 14, 2018 = ($950,000 + $30,000) × 5% = $49,000

August 21, 2018 = ($950,000 + $20,000) × 5% = $48,500

So, Total transaction price = $650,000 + $247,500 + $49,000 + $48,500

= $995,000

5 0
3 years ago
Macroland, currency held by the public is 2,000 econs, bank reserves are 300 econs, and the required reserve/deposit ratio is 10
I am Lyosha [343]

Answer:

D)5,000; 7,000

Explanation:

Public is holding 2000 econs and banks reserves are 300 econs. It is mentioned that reserve requirement is 10%.

So total bank deposits must be 3000. Money supply in the economy is (3000 + 2000 = 5000)

When the reserve ratio is 0.1, that means the money multiplier is 10.

If there is an additional inflow of currency because of printing 200 econs by central bank then because of multiplier effect it will be 2000 econs.

Money supply from earlier 5000 econs will become 7000 econs.

Option D is correct.

7 0
3 years ago
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