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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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After purchasing a coffee cup from your local gas station for $5.00, you can always refill your cup for $0.50. The sunk cost of
Law Incorporation [45]

Answer:

$4.50

Explanation:

The sunk cost is the cost that has been incurred and is unrecoverable in the process of taking a financing decision.

If the cost of a coffee cup from a local gas station cost $5.00 and the cost of refill is $0.50, the coffee is the actual element needed and from the refill, it can be estimated that it costs $0.50.

Hence the sunk or unrecoverable cost is the difference between the coffee cup and the refill cost

= $5.00 - $0.50

= $4.50

3 0
2 years ago
Entry for Issuing Materials Materials issued for the current month are as follows: Requisition No. Material Job No. Amount 201 A
Svetradugi [14.3K]

Answer:

The journal entry is as follows:

Work in process A/c                 Dr. $158,700

Manufacturing overhead A/c   Dr. $2,250

To Raw material inventory                               $160,950      

(To record the issuance of materials)

Workings:

  • Work in process is debited with direct material:

        =  88,700 + 27,600 + 3,650 + 38,750

        = $158,700

  • Manufacturing overhead debited with indirect material cost = $2,250

5 0
3 years ago
what dimension of the business use of cloud systems focus on the benefits of rapid deployment, on-demand provisioning, and disas
Ann [662]

"Server less computing" refers to a method of executing cloud computing that makes use of dynamic resource management and the cloud provider as the server.

Each location where big clouds usually spread out their operations is a data center.

Businesses of different sizes, kinds, and industries employ a variety of use cases, including as data backup, disaster recovery, email, virtual desktops, software development and testing, big data analytics, and customer-facing web apps. "Server less computing" refers to cloud computing that makes use of dynamic resource management and the cloud provider as the server.

Learn more about "Server less computing" here,

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8 0
1 year ago
On January 1 of this year, Olive Corporation issued bonds. Interest is payable once a year on December 31. The bonds mature at t
ss7ja [257]

Answer and Explanation:

The amortization schedule is presented below:    

Date          Cash   Interest expense    Amortization Balance

                        A              B                           C = (A - B)

January 1, Year 1                                              $58,998

                                                                                                    D

End of Year 1 $3,944     $3,717                     $227                 $58,771

                                                                                                  E = D - C

End of Year 2  $3,944    $3,702.573            $241                 $58,530

End of Year 3  $3,944     $3,687.39            $257                 $58,273

End of Year 4  $3,944     $3,671                   $273              $58,000

Working notes:

For computing the missing amount first we have to find out the interest expense rate which is

= $3,717 ÷ $58,998

= 6.30%

For year 2,

The interest expense is

= $58,771 × 6.30%

= $3,702.573

For year 3,

The interest expense is

= $58,530 × 6.30%

= $3,687.39

4 0
3 years ago
How will the general ledger accounts in the trial balance most likely differ if the company were a retail store rather than a wh
ExtremeBDS [4]

How will the general ledger accounts in the trial balance most likely differ if the company were a retail store rather than a wholesale company?

A general ledger account is used to record transactions that a company has. A trial balance has all of the general ledger accounts listed shows all of the debits and credits that a company has faced. A retail store will have smaller product transactions over a wholesale store due to the wholesale store selling in bulk. There will likely be more credits and debits for a retail store whereas a wholesale store may have more debits as they are less likely to have returns.

How will they differ for a hospital or a government unit?

A hospital or government unit will have vastly different general ledger reports due to the type of agency they are. These transactions will deal more with insurance or big dollar companies rather than individuals on a smaller scale. A trial balance is not a financial statement but it used to show balances that an organization has.

7 0
3 years ago
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