Expenses likely to be classified as prepaid expense (asset) are Prepaid Rent & Insurance Premiums. Enter a prepaid rent payment on the balance sheet as an asset until the month when the company is actually using the facility to which the rent relates, and then charge it to expense. Any insurance premium costs that have not expired as of the balance sheet date should be reported as a current asset such as Prepaid Insurance.
Answer:
Final Value= $414,135.43
Explanation:
Giving the following information:
Quarterly deposit= $32,000
Number of quarters= 3*4= 12
Interest rate= 0.0545/4= 0.01363
To calculate the final value, we need to use the following formula:
FV= {A*[(1+i)^n-1]}/i
A= quarterly deposit
FV= {32,000*[(1.01363^12)-1]} / 0.01363
FV= $414,135.43
Answer:
The answer is (C) Goals should specify the target dates or deadline dates when they are to be attained.
Explanation:
SMART goals state that targeted objectives should be Specific, Measurable, Attainable, Relevant, and Timely. Alex has developed goals that are specific, measurable, attainable, and relevant – yet he has not defined the time needed to accomplish these goals, including their due date. Thus, Alex should think of a realistic time schedule that he plans to implement in order to achieve his goals.
Cost accounting compiles the cost of raw materials, work-in-process, and finished goods inventory, while financial accounting incorporates this information into its financial reports (primarily into the balance sheet). ... Financial accounting personnel issue reports only at the end of a reporting period.
Answer:
B.
Explanation:
LIFO takes the latest cost of goods into account and leads to rising cost of goods produced or purchased. This in turn leads to lower gross profit. Conversely, FIFO takes into account oldest cost of goods purchased or produced and lower cost of goods sold, thus higher gross profit.
