It will take 2 years because eaxh year you get 4% of the $2500 which means $100 a year
The net income of the company is $193,000
What is the net of the company?
The net income of the company is the total consulting revenue minus the salaries expense, interest expense, and rent expense, in other words, revenue minus total costs of running the company
net income=consulting revenue-rent expense-interest expense-salaries expense
consulting revenue=412,000
rent expense=23,000
interest expense=13,000
salaries expense=183,000
net income=412,000-23,000-13,000-183,000
net income=$193,000
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Answer:
Sales type lease, direct financing lease, operating lease
Explanation:
A lease is a contractual agreement whereby the lessor(landlord) is paid for the use of his or her assets/properties by the lease(tenant). The assets that are usually leased are vehicles, buildings etc where payment is made for a specified period.
Sales type lease. Here, the dealer(landlord) earn interest revenue accrued plus the profit on the sale of asset. Whereas the profit is arrived at by deducting the selling price from the actual sales price . Profit is also earned and recognized at the beginning of the lease period.
Direct financing lease. The only benefit earned on this type of lease is the interest by the lessor-landlord. There is no profit or loss in the lease transaction. The actual value of leased asset is the same as the purchased value of the asset.
Operating lease is the combination of both sales type lease and direct financing lease. Here, the benefit of asset leased like yearly depreciation is claimed by the lessee-tenant . The ownership of leased asset must be transferred to the lessor at the end of agreed term subject to lessee having bargaining option. The lesse may however purchase the asset at a much reduced price say seventy five percent of the market value.
You can sell candy and send out flyers
Answer:
$4,720
Explanation:
<h2>Tricky, but EASY!</h2><h2 /><h3>The balance for <em><u>ALLOWANCE FOR DOUBTFUL ACCOUNTS</u></em> should be 2% of Credit Sales. </h3>
That is 2%(247,000)= 4,940.
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However, there is already a balance of 220. So we must adjust it to be equal to 4,940 by adding the difference!
4,940 -220= 4,720
<h2>And the entry is</h2><h2 />
Bad debt expense 4,720
Allowance for Doubtful Accounts 4,720
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