The justification for a company initially recording prepaid rent in either an income statement or balance sheet account is that a<u>t the end of each year, the</u><u> account balances </u><u>are revised so that they accurately represent the c</u><u>urrent situation.</u>
This is further explained below.
<h3>What is
an income statement?</h3>
Generally, When a business first records its prepaid rent, it should do so in either an account on its income statement or one on its balance sheet.
The reason for this is because, at the end of each year, the balances of these accounts should be revised so that they more accurately reflect the situation at the moment.
In conclusion, An income statement, also known as a profit and loss account, is one of the financial statements that a business maintains.
It details the revenues and costs that the firm incurred during a certain time period. It describes the process through which the revenues are converted into the company's income or profit after taxes.
Read more about income statements,
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Answer:
attracted both trade and foreign direct investment.
Explanation:
The free market reforms that took place in the newly industrialized countries (NICs) as in some Asian and Latin American countries, provided the attraction of foreign direct investment and increased trade.
This was due to the fact that lesser trade restrictions and free market reforms were significant incentives for foreign countries to seek investment opportunities in a country that could offer significant advantages, such as tax incentives, cheaper labor and conquering new markets. It also stimulated commercial activity by local and foreign investors, who saw new opportunities to implement activities locally that would bring competitive and economic advantage.
Answer:
Simply ask a lot of innapropiate questions and the moderators will kick u out! Have fun!
Explanation:
Answer:8 barrels of oils per pair of shoe
Explanation:Greece and swizerland will need an average price by which they can both gain from trade.To ascertain the average price is by adding the 4 barrels of oil which Greece can forfeit and the 10 barrels of oil which Switzerland could also forfeit if it were into producing shoes.10+ 4 = 14/2 which almost 8 barrels to be given in exchange in other ensure a fair trade between both trading partners.