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Sav [38]
3 years ago
6

Summer leasing received $11,400 for 24 months rent in advance. how should summer record this transaction?

Business
1 answer:
lesantik [10]3 years ago
6 0
Since Summer Leasing received funds in advance, they should record the transaction as Debit Cash for the $11,400 and credit Unearned Revenue. Though they received the cash it is technically unearned revenue because they have not provided the service just yet to earn the money. Once the rent has been used, the money will leave unearned revenue and move to revenue. 
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The reserve requirement is 15 percent. Lucy deposits $600 into a bank. By how much do excess reserves change
Hatshy [7]

Answer:

$510

Explanation:

Calculation for By how much do excess reserves change

Using this formula

Change in excess reserve= Bank Deposits-(Reserve requirement*Deposit)

Let plug in the formula

Change in excess reserve=$600-($600*15%)

Change in excess reserve=$600-$90

Change in excess reserve=$510

Therefore By how much do excess reserves change is $510

7 0
3 years ago
Michael is maximizing utility by consuming three colas at $3 a piece and four hot dogs. The last cola gave him 300 units of util
marusya05 [52]

Answer:

C. $5

Explanation:

Marginal utility is the benefit gained from consuming an additional unit of a product or service.

According to the question, Michael is maximizing utility when Marginal Utility / Price of colas is equal to Marginal Utility / Price of hotdogs. Marginal utility can thus be found by solving the following equation for X (the price of hot dog)

MU/P of Colas = MU/P of hot dogs

300/3 = 500/X

3/300 = X/500

X = (3/300) x 500

X = 0.01 x 500

X = 5

Hence, the price of each hot dog is $5.

5 0
3 years ago
A business has the following items: - Land $1,500,000 - Machinery $30,000 - Cash $10,000 - Loan $500,000 - Owner’s equity? _____
vodomira [7]

Answer:

The owner's equity amounts to $1,040,000

Explanation:

The formula to compute the owner's equity is as:

Owner's equity = Assets - Liabilities

Where

Assets = Land + Machinery + Cash

= $1,500,000 + $30,000 + $10,000

= $1,500,000 + $40,000

= $1,540,000

Liabilities = Loan

= $500,000

Putting the values above in the formula:

= $1,540,000 - $500,000

= $1,040,000

6 0
3 years ago
Which filter can be used to find a specific project when in the work area?
ANEK [815]

The filter that can be used to find a specific project when in the work area is: Project name.

<h3>Project Filter</h3>

When looking or searching for a particular project  that meet your requirement  in a work area, in order to find the project the best thing to do is to include the following filter as it will enables you to find the project you are looking for;

  • Project name
  • Due date
  • Template name
  • Team member

Therefore the filter that can be used to find a specific project when in the work area is: Project name.

Learn more about project filter  here:brainly.com/question/23643337

#SPJ11

6 0
1 year ago
Suppose that Larimer Company sells a product for $24. Unit costs are as follows:
MrMuchimi

Answer:

Unitary variable cost= $8.08

Contribution margin= $15.92

Explanation:

Giving the following information:

Direct materials $4.98

Direct labor 2.10

Variable factory overhead 1.00

The variable cost per unit is the sum of direct material, direct labor, and variable overhead.

Unitary variable cost= 4.98 + 2.1 + 1= $8.08

The contribution margin per unit is the difference between the selling price and the unitary variable cost:

Contribution margin= 24 - 8.08= $15.92

6 0
3 years ago
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