Answer:
C. Agents
Explanation:
They are sales representatives for manufacturers or wholesalers and usually are hired on a commission basis.
Answer:
Lessee's Entries:
Rent expense (Dr.) $45,500
Cash (Cr.) $45,500
Lessor's Entries:
1. Property Tax expense (Dr.) $2,000
Maintenance and Repair Expense (Dr.) $650
Insurance Expense (Dr.) $500
Accounts Payable (Cr.) $3,150
2. Depreciation Expense (Dr.) $ 29,285
Accumulated Depreciation (Cr.) $29,285
3.Cash (Dr.) $45,500
Rent Revenue (Cr.) $45,500
Explanation:
The lease is considered as an operating lease as it does not have bargain purchase option and renewal options. The property ownership is not transferred in this lease.
Depreciation expense:
[ Cost - Salvage Value ] / 7
220,000 - 15000 / 7
Answer:
in this order
Explanation:
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Answer:
C) Cash payment of an account payable
We know that the current ratio is greater than 1, and in the formula for current ratio the assets are in the numerator and liabilities in the denominator, in this case an asset is increasing for the same account that a liability is decreasing by. So whenever the the value is above one and the numerator and denominator are decreased by the same amount the value increases.
Explanation:
