1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Iteru [2.4K]
4 years ago
14

On November 1, 2019, Peaches Consulting Service paid $4,800 for 12 months of advance rent on its office space. The correct adjus

ting entry on December 31, 2019, to show the amount of rent that had expired would include:
Business
1 answer:
igor_vitrenko [27]4 years ago
5 0

Answer:

Debit Rent expense $800

Credit Prepaid rent  $800

Explanation:

When rent is paid in advance, an asset is reduced while another is increased. The entries required are debit to prepaid rent and a credit to cash account. As the rent expires, the expense is recognized by debiting rent expense and crediting prepaid rents.

Rent expense as at 31 December 2019

= 2/12 * $4,800

= $800

You might be interested in
Sharon realizes that she needs additional research before she approaches potential investors. What kind of research should she d
Free_Kalibri [48]
The kind of research should she do to effectively evaluate her potential business opportunity would be a feasibility study. It is an assessment of the practicality of a proposed project. It <span>can be used in many ways but primarily focus on proposed business ventures. Hope this answers the question.</span>
5 0
3 years ago
Potential real gdp = $200 billion natural rate of unemployment = 6 percent actual rate of unemployment = 12 percent refer to the
VikaD [51]

Answer:

12%

Explanation:

Given that,

Potential real GDP = $200 billion

Natural rate of unemployment = 6 percent

Actual rate of unemployment = 12 percent

Okun's law refers to the law which states the relationship between the losses in the production of a particular nation and the unemployment.

It also indicates that for every 1 percent, the actual rate of unemployment exceeds the natural rate of unemployment, then as a result there is a GDP gap of 2% is generated.

Cyclical unemployment:

= Actual rate of unemployment - Natural rate of unemployment

= 12% - 6%

= 6%

Negative GDP gap:

= 6% × 2

= 12%

Therefore, the of the negative GDP gap as a percentage of potential GDP for the economy is 12%.

5 0
4 years ago
Nora owns a sock business. She has been selling mostly online to U.S. buyers, but now she wants to expand her sock business to o
Snezhnost [94]

Answer:

The correct answer to the following question will be "Culture describes to the effect of family schooling about how life works as well as the decisions they cause".

Explanation:

  • Culture impacts numerous facets of the lives of individuals, from personal actions to social relations as well as the influence of the worldview of such a social structure. Development is a shared and multi-component topic of discussion.
  • So Nora wants to consider the impact of family education on where and how things work and perhaps even the choices they make as she investigates the host culture.
7 0
4 years ago
Gem Corporation is a new company and obtains financing by issuing common stock to investors for $30,000. During the year, Gem ea
swat32

Answer: $33,000

Explanation: In simple words, stockholders equity is that amount of assets in the company, that is not financed by a liability. Thus, we can say that it is the difference between the assets and liabilities of the business.

It can be computed using following formula :-

stockholders equity = issuance of common stock + net income - dividend paid

                                 = $30,000 + $8,000 - $5,000

                                 = $33,000

3 0
3 years ago
The financial statements of Simon Co. include the following items (amounts in thousands): Income Statement For the Year Ended De
vovangra [49]

Answer:

(a) Net cash flow provided by operations for Simon Co. for the year ended December 31, 2020 is $1,580.

(b) The correct answer is Option A.

Explanation:

(a) Preparation of statement of cash flows extract

Simon Co.

Statement of Cash Flows (extract) for the Year Ended December 31, 2020

Net income                                                                 $840

Add: Depreciation and amortization expense           640

        Decrease in Accounts receivable                        90

        Increase in Income taxes payable                       70

Less: Increase in Inventory                                           40

         Decrease in Accounts payable                           20

Net cash flows from operating activities            $1,580

(b) The difference is mainly from timing and recognition. The cash flows from operations is a valuable tool used by investors to evaluate a company's financial strength. This section of the cash flows is regarded as the <em>cash version of net income </em>as non-cash items are added back to net income and it also considers changes in working capital, including current assets and current liabilities.

6 0
3 years ago
Other questions:
  • Brittany provides manicures at the only salon in town. Her marginal cost is constant at $5 per client, her fixed cost is $25 per
    7·1 answer
  • The classical dichotomy is the separation of real and nominal variables. The following questions test your understanding of this
    6·1 answer
  • Suppose you have two types of customers. Type 1 customers typically purchases your firm's product in bundles of 100 units, while
    8·1 answer
  • .   You've begun a Web search for information on several suppliers you're considering for your business. Which of the following
    9·1 answer
  • In 2019, Elaine paid $2,960 of tuition and $1,040 for books for her dependent son to attend State University this past fall as a
    7·1 answer
  • Communication to managers is of vital importance because it ________. Grupo de opciones de respuesta demonstrates the manager's
    7·1 answer
  • The manufacturing cost of Calico Industries for three months of the year are provided below. Total Cost Production (units) April
    7·1 answer
  • Swingin' Soiree, Inc. is a firm that has its main office on the Right Bank in Paris. The firm just issued bonds with a final pay
    10·1 answer
  • How do corn products enter into the production of food what is the primary corn product used?
    10·1 answer
  • Fixed costs that usually arise from annual spending decisions by management are called?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!