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3 years ago

The recording of adjusting entries is supported by the.

Business

1 answer:

Scilla [17]3 years ago

4 0

The recording of adjusting entries is supported by the matching concept. The correct answer is matching concept.

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Felice bought a duplex apartment at a cost of $165,000. Her mortgage payments on the property are $1,520 per month $666 of which

ivanzaharov [21]

The Rent per apartment Felice should charge is the PITI plus expected profit, (where PITI is principal, interest, taxes, and insurance) which is <em>$8,516</em>.

Data and Calculations:

Cost of a Duplex Apartment = $165,000

Monthly mortgage payments = $1,520

Deductible mortgage payment = $666

Annual Real Estate Taxes = $1,752

Annual Insurance costs = $1,464

Annual Maintenance costs = $1,230

Annual profit expected = $2,550

Rent to charge = PITI + Profit

= $8,516 ($1,520 - $1,752 - $1,464 - $1,230 + $2,550)

Thus, the Rent per apartment Felice should charge is the PITI plus expected profit, (where PITI is principal, interest, taxes, and insurance) which is <em>$8,516</em>.

Learn more about PITI here: brainly.com/question/1395659

8 0

3 years ago

Forever Jewelers uses the perpetual inventory system. On Aprilâ€‹ 2, Forever sold merchandise with a cost of $ 1 comma 500$1,500

Tema [17]

Answer:

Accounts Receivable $8,820

To Sales Revenue $8,820

Explanation:

The journal entry to record the sales revenue is shown below:

Accounts receivable A/c Dr $8,820

To Sales revenue A/c $8,820

(Being merchandise sold on credit basis)

For recording this we debited the account receivable as it increased the assets and credited the sales revenue as it also increased the revenue

The computation of sales revenue is shown below:

= Sales revenue - discount

= $9,000 - $9,000 × 2%

= $9,000 - $180

= $8,820

This is the answer but the same is not provided in the given options

6 0

3 years ago

When converting net income to net cash provided (used) by operating activities under the indirect method increases in accounts r

Maurinko [17]

Answer:

Decrease in inventory and increases in accrued liabilities are added.

Explanation:

8 0

3 years ago

What are two advantages of bonds for their users?

8_murik_8 [283]

Answer:

Explanation:

Bonds have some advantages over stocks, including relatively low volatility, high liquidity, legal protection, and a variety of term structures.

3 0

3 years ago

Read 2 more answers

Stevenson Company purchased equipment for $250,000 on January 1, 2010. The estimated salvage value is $50,000, and the estimated

evablogger [386]

Answer:

The answer is loss of $10,000 on the sale of the equipment

Explanation:

The formula for straight-line depreciation is:

(Cost of asset - salvage value) ÷ number of useful life.

Cost of asset is $250,000

Salvage value is $50,000

Useful life is 5 years

So depreciation for the year is:

($250,000 - $50,000) ÷ 5 years

$200,000 ÷ 5 years

=$40,000

January 1 2010 through June 30 2013 is 3 years and 6months

Accumulated depreciation will be:

3.5 years( 3 years + 6months/12 months) x $40,000

$140,000

Carrying value or net book value at this date is $250,000 - $140,000

=$110,000.

The equipment was sold for $100,000.

Selling price - carrying value

=$100,000 - $110,000

= - $10,000

We have a loss of $10,000 on the sale of equipment

8 0

3 years ago