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EastWind [94]
2 years ago
9

True or false: It is acceptable accounting practice to initially record prepaid rent in either a balance sheet or income stateme

nt account.
Business
1 answer:
umka2103 [35]2 years ago
4 0

Answer:

False

Explanation:

In the initial period, the prepaid expenses should be recorded in the assets hand side of the balance sheet under the current asset column

But when some adjustments are made regarding this in terms of gains or expenses incurred, the same should be presented on the income statement

Hence, the given statement is false as it is recorded in the assets only during the initial period

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Which is not one of the five fundamental questions?
astra-53 [7]
Economics in many cases is an exact science, but usually it is a practical one that has applications. Thus there are some practical goals that need to be answered with the use of economics and an easy to summarize form of them are the five fundamental questions of economics. 3 of the choices above are such fundamental questions; determining the way of production, the receiver of the production as well as the ways in which the economic system can change are of fundamental importance to the science of economics. The other 2 questions are: What products will be produced ? and How can we foster progress?
Choice d is a pretty important question too (that falls somewhat under a) but the fact that it mentions the government specifically makes it less general than the other propositions so it is not a fundamental question.
7 0
3 years ago
Hunter’s paradise sells merchandize on account to outdoor haven for $3,280, terms 2/10, n/30. what should the journal entry be t
Schach [20]
These are payment terms in the accounting. The first term 2/10 means that if you can pay the amount after 10 days, you would be given a 2% discount. If not, that's what the second terms means. This means you have to pay the net or full amount within 30 days.

So, if he can pay within 10 days, he will only have to give $3214.4. If not, then he would have to pay $3280 within 30 days.
4 0
3 years ago
Read 2 more answers
Malcolm Figueroa is a sales employee of Carefree Pools and Spas, Inc. During 2017, he was issued a company car with a fair marke
nlexa [21]

Answer:

Check the explanation

Explanation:

As per publication 15-b Of employers tax guide fringe benefits provides you how to use lease value rules and when to use , The following question is answered according to it

Employee Name : Malcolm Figueroa      

Annual Lease Method :      

1 Fair market value of vehicle 35000    

2 Annual lease value : 9250    

3 Prorated Annual lease percentage 3600 / 22000 = 16.3636%

4 Prorated Annual lease Value: Annual lease value * Prorated Annual lease percentage = $

9250 * 16.3636% = 1513.633$

5 iF FUEL PROVIDED BY EMPLOYER ENTER MILE 3600 * 5.5cents = 198$

Total fuel charges    = 198$

6 Total personal Use Taxable income 1513.633 + 198 = $1711.633

Kindly check the attached image below to see the well arranged accounting entry above.

First we will find the annual lease value from table given by using fmv of automobile i.e for 35000 its 9250

Now we will Multiple  annual lease value by % of personal driven by employee

which is calculated by 3600/22000*100= 16.3636%

9250*16.3636%= 1513.633

So this the personal usage vehicle which will be added = $1513.633

And we will add the fuel cost to this amount which is = 3600*5.5cents= $198

total personal use taxable = $1711.633

3 0
3 years ago
Read 2 more answers
Listening to employee suggestions, gaining support for organizational objectives, and fostering an atmosphere of teamwork are al
Archy [21]

Answer:

Interpersonal and communication skills

7 0
3 years ago
The Fitness Studio, Inc.’s 2018 income statement lists the following income and expenses: EBIT = $776,000, interest expense = $1
boyakko [2]

Answer:

$4.069 per share

Explanation:

Earning before tax:

= Earning before interest and tax - interest expense

= $776,000 - $150,000

= $626,000

Earnings available for equity shareholders:

= Earning before tax - Taxes

= $626,000 - $219,100

= 406,900

Earnings per share:

= Earnings available for equity shareholders ÷ No. of common stock outstanding

= 406,900 ÷ 100,000

= $4.069 per share

7 0
2 years ago
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