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Sav [38]
2 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]2 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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Why would it be better to be in a partnership?
s2008m [1.1K]

Answer:

A partnership is easy and inexpensive to establish

the business benefits from pooled knowledge and skills of different partners

the workload is shared

more partners can be added,which could help increase capital

partnerships are not compelled by law to complete audits on financial statements

Explanation:

6 0
1 year ago
Read 2 more answers
Accounts receivable, equipment, the building itself, and the land on which the building stands are examples of:
emmainna [20.7K]

Answer: Assets

Explanation:

Assets are something that a business owns that is able to bring in money or is a store of value.

All the above mentioned items are considered assets as they fit this description.

Accounts receivable is a current asset which means it has a duration of a period or less.

Equipment, building and land are all fixed assets as they have a duration of more than one period.

8 0
3 years ago
Yvette is considering taking out a loan with a principal of $16,200 from one of two banks. Bank F charges an interest rate of 5.
zhannawk [14.2K]
<span>Yvette should choose Bank F’s loan if she wants more about lower monthly payments, and she should choose Bank G’s loan if she wants more about the lowest lifetime cost.
</span>
These are the calculations for each bank.

BANK F:
Annual Payments=<span>$210.53
Total Interest=</span><span>$4,011.13

BANK G:
Annual Payments=</span><span>$238.21
Total Interest=</span><span>$3,810.05</span>
7 0
2 years ago
Read 2 more answers
One year ago, you purchased $6,000 worth of a mutual fund at an offering price of $38.10 a share. Today, the fund distributed $0
dalvyx [7]

Answer:

a. 7.48%

Explanation:

Number of shares = $ 6,000 / $ 38.10

Number of shares = 157.48

Rate of return = [Number of shares * (Short term gans + Long term gains + ((1 - Front end load) * (Current offering price)) - Purchase price] / Purchase price

Rate of return = [157.48 * ($0.20 + $1.04 + ((1 - 0.05 ) * $41.80)) - $6,000] / $6,000

Rate of return = [157.48 * ($0.20 + $1.04 + (0.95 * $41.80)) - $6,000] / $6,000

Rate of return = [157.48 * ($1.24 + $39.71) - $6,000] / $6,000

Rate of return = $448.806 / $6,000

Rate of return = 0.074801

Rate of return = 7.48%

6 0
3 years ago
The neoclassical view holds that long-term expansion of potential GDP due to _______________________ will determine ____________
boyakko [2]

Answer:

1.  economic growth;

2.  the size of the economy

Explanation:

According to the neoclassical standpoint on issues relating to macroeconomics, it is believed that, over a long period of time, the economy will vary around its potential GDP and its natural rate of unemployment.

Therefore, the size of the economy is defined by potential GDP, and wages and prices will adjust in an intelligent manner so that the economy will move back to its potential GDP level of output.

Hence, The neoclassical view holds that long-term expansion of potential GDP due to ECONOMIC GROWTH will determine THE SIZE OF THE ECONOMY

4 0
3 years ago
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