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inn [45]
3 years ago
12

On June 1, Norma Company signed a 12-month lease for warehouse space. The lease requires monthly rent of $550, with 4 months pai

d in advance. Norma Company records the payment by debiting Prepaid Rent $2,200 and crediting Cash $2,200. At the end of June, what should be the balance of Norma's Prepaid Rent account
Business
1 answer:
Sati [7]3 years ago
7 0

Answer:

Balance = $1,650

Explanation:

As Norma company has paid 4 months rent in advance, therefore at the end of June, norma company will record its 1-month expense as follows

Adjusting entry at the end of June would be

                             DEBIT       CREDIT

Entry

Rent Expense     $550

Prepaid Rent                         $550

The balance on Norma's prepaid expense would be

Prepaid Rent  = $2200

Rent Expense = ($550)

Balance = $1,650

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The entry to record the issuance of common stock at a price above par includes a credit to?
Anton [14]

The entry to record the issuance of common stock at a price above par includes credit to cash.

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Common stock is a form of company fairness ownership, a kind of safety. The phrases balloting proportion and normal proportion also are used often out of doors of the us. they're called fairness stocks or regular shares inside the united kingdom and different Commonwealth nation-states.

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3 0
1 year ago
The Retained Earnings balance was $24,100 on January 1. Net income for the year was $19,900. If Retained Earnings had a credit b
padilas [110]

Answer: $17800

Explanation:

The opening balance of Retained earnings = $24,100

Net Income for the year = $19,900

Closing balance of Retained earnings = $ 26,200

The, the amount of dividends declared during the year = (opening balance) +(Net Income) -( Closing balance)

= $ (24100+19900-26200)

= $17800

Hence, the amount of dividends declared during the year  is $17800.

4 0
2 years ago
5. Consider the supply chain involved when a customer orders a book from Amazon. Identify the
emmainna [20.7K]

Answer:

1. At pull stage Customers request for books. A pull system by Amazon was made through the use of ingram book group. They support booksellers in supply and demand of book buyers

2. The push strategy is made through the development of several warehouses. Procurement of inventory is done and peoples orders are sent out by utilizing pull strategy.

Processes in pull strategy:

1. Shipping

2. Order fulfilment

Processes in push strategy:

1. Stock replenishment

2. Production

6 0
3 years ago
Is the process of planning, scheduling, and then controlling the activities during system development?
bogdanovich [222]
This process is called project management it leads a team or group of people with this process to achieve a goal they want or need to meet but sometimes at a certain time. I hope this helps! 
8 0
3 years ago
In order to produce a new product, a firm must lease new equipment. The managers feel that they can sell 10,000 units per year a
kogti [31]

Answer:

The most the firm can spend to lease the new equipment without losing money=$75,000

Explanation:

The point at which the revenue in terms of sales equals the cost is the break-even point. This can be expressed as;

R=C

where;

R=revenue from sales

C=cost

And;

R=P×N

where;

R=revenue from sales

P=price per unit

N=number of units

In our case;

P=$7.5 per unit

N=10,000 units

replacing;

R=7.5×10,000=$75,000

Total revenue from sales=$75,000

C=p×n

where;

p=cost per unit

n=number of units

In our case;

p=$5

n=unknown

replacing;

C=5×n=5 n

At break-even point, R=C;

5 n=75,000

n=75,000/5=15,000

The break-even cost=5×15,000=$75,000

The most the firm can spend to lease the new equipment without losing money=$75,000

5 0
3 years ago
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