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
EastWind [94]
3 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]3 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

You might be interested in
Willie is the production manager of the sterile ophthalmic formulations division of Pharmogrep, a pharmaceutical manufacturing c
Hoochie [10]

Answer:

The answer is product departmentalization.

Explanation:

Pharmogrep most likely follow product departmentalization.

5 0
3 years ago
One type of mutual fund does not endeavor to achieve the goals of a balance of bonds and stock or​ growth, income, and stability
jonny [76]

The correct answer is the Life Cycle Fund.

The Life Cycle Fund is a mutual fund that is automatically adjusted during the life of the fund. The fund managers work to balance the investments in the fund to match an investor's age and risk tolerance as the investor gets closer to retirement.

3 0
3 years ago
On average, LB Inc. receives 138 payments each day with an average value of $42 each. These payments clear the bank in an averag
Oxana [17]

Answer: c) $7,535

Explanation:

The Collection Float refers to the time that it takes for a deposited check to become available to the account owner after the check has been deposited.

The Average amount is calculated thus;

= No. of payments * Clearing days * average value of payment

= 138 * 1.3 * 42

= $7,535

6 0
2 years ago
Suppose that a firm operating in perfectly competitive market sells 50 units of output. Its total revenues from the sale are $50
jekas [21]

Answer:

ii) Average revenue equals $10

Explanation:

A perfectly competitive market is where there are many buyers and sellers of homogenous goods. They are price takers. Price = marginal cost = marginal revenue = average revenue

Total revenue = price × quantity sold

$500 = price × 50

Price = $10

Average revenue = Total revenue / output

$500 / 50 = $10

3 0
3 years ago
The liabilities of Berber Company are $120,000 and the owner's equity is $230,000. What is the amount of Berber Company's total
svetlana [45]

Answer:

$350,000

Explanation:

The relationship between assets, liabilities, and equity is expressed in the accounting equation.  According to the equation, Assets = Equity plus Liabilities.

For Berber company, total assets will be

Assets = $120,000 + $230,000

Assets = $350,000

6 0
3 years ago
Other questions:
  • Aditya is attempting to classify information regarding a new project that his organization will undertake in secret. which chara
    11·1 answer
  • The following data were taken from the records of Township Corporation at December 31 of the current year: Sales revenue $ 90,00
    14·1 answer
  • Jane is an insurance executive and lives in San Francisco. Her husband, Don, is an attorney who practices law in New York City.
    13·1 answer
  • Western Company is preparing a cash budget for June. The company has $12,000 cash at the beginning of June and anticipates $30,0
    5·1 answer
  • Timothy, LLC, originally budgeted $10,000 of costs to produce 100 toy cars. $5,000 of these costs consisted of direct labor, $1,
    11·1 answer
  • What happens if you don't pay your insurance premium for your car?
    11·1 answer
  • EB11.
    13·1 answer
  • You want to invest $50,000 in a portfolio with a beta of no more than 1.4 and an expected return of 12.4%. Bay Corp. has a beta
    5·1 answer
  • State courts can review statutes passed by their legislatures to ensure:
    5·1 answer
  • The cost to manufacture shoes decreases. Which statement describes the expected outcome?
    11·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!