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labwork [276]
3 years ago
5

On July 1, 2004, Gee, Inc. leased a delivery truck from Marr Corp. under a 3-year operating lease. Total rent for the term of th

e lease was $36,000, payable as follows: 12 months at $500 = $6,00012 months at $750 = 9,00012 months at $1,750 = 21,000All payments were made when due. In Marr's June 30, 2006 balance sheet, the accrued rent receivable should be reported as
Business
1 answer:
disa [49]3 years ago
4 0

Answer:

$9,000

Explanation:

Given:

Date on which the delivery truck has been leased = July 1, 2004

Total rent  for the lease = $36,000

Total operating lease time = 3 years

Thus,

Per year lease amount to be paid = $36,000 / 3 = $12,000

Payable amount as:

12 months at $500 = $6,000

12 months at $750 = $9,000

12 months at $1,750 = $21,000

Now,

on June 30, 2006  year of lease has been completed

therefore, the total revenue to be received by the Marr corp. on June 30, 2006 will be:

$12,000 × 2 = $24,000 should be received by the June 30, 2006

but,

The actual amount received during 2 years duration

=   12 months at $500 + 12 months at $750

= $6,000 + $9,000

= $15,000

Therefore,

The amount to be reported in the rent receivable on June 30, 2006

= total revenue to be received -  actual amount received

= $24,000 - $15,000

= $9,000

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oee [108]

True: Zappos sells all four categories of consumer products (convenience, shopping, specialty, unsought).

Zappos carries products that are speciality and unsought by consumers.  Using their website, you are able to conveniently order your products with customer service readily available to help. Zappos is convenient because they carry a wide-range of products, brands and styles. They have free shipping and free returns all year, which is something most retailers do not offer.

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3 years ago
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If union contracts raise wages above competitive levels, what might be one negative outcome?​
Feliz [49]

Answer:

Companies will move overseas to escape unions and hire cheaper labor.

7 0
3 years ago
Employees who are willing to step forward, usually at great personal sacrifice, to reveal wrongdoing of the part of their employ
Softa [21]

Answer:

They are guilty of nothing, what they are doing is called whistle-blowing and it is not a crime, it a way of stopping crimes from being committed.

Explanation:

A whistle-blower is an employee or any person within an organization that informs about illegal activities carried out within the organization. Sometimes whistle-blowers can even earn money form doing the right thing. For example, the IRS pays whistle-blowers up to 30% of additional money it collects by using information provided by whistle-blowers.

6 0
3 years ago
On January 1, 2020, Martinez Company makes the two following acquisitions. 1. Purchases land having a fair value of $330,000 by
vova2212 [387]

Answer:

Explanation:

a)

Date Account Titles and Explanation Debit Credit

January 1, 2020 Land $360,000.00

Discount on notes payable $246,621.00

Notes payable $ 606,621.00

(To record purchase of land by issuing note payable)

PV of $606,621 discounted at 11% =606,621/(1.11)^5 = $ 360,000

2.

Computation of the discount on notes payable:

Maturity value $560,000

Present value of $560,000 due in 8 years at 11% = $560,000 * 0.43393 = $ 243,000

Present value of $39,200 payable annually for 8 years at 11% annually—$39,200 * 5.14612 = $ 201,728

Present value of the note = $ 243,000 + $ 201,728 = $ 444,728

Discount = $ 560,000 - $ 444,728 = $ 115,272

Date Account Titles and Explanation Debit Credit

January 1, 2020 Equipment $444,728.00

Discount on notes payable $115,272.00

Notes payable $ 560,000.00

(To record purchase of equipment by issuing note payable)

b)

1.

Date Account Titles and Explanation Debit Credit

December 31, 2020 Interest expense ($ 360,000*11%) $39,600

Discount on notes payable $39,600

(To record the interest expense recorded and discount amortized)

2.

Date Account Titles and Explanation Debit Credit

December 31, 2020 Interest expense ($444,728 * 11%) $48,920

Discount on notes payable $9,720

Interest Payable ( $ 560,000 * 7%) $39,200

(To record the interest expense recorded)

7 0
3 years ago
Bill Dukes has $100,000 invested in a 2-stock portfolio. $32,500 is invested in Stock X and the remainder is invested in Stock Y
pshichka [43]

Answer:

0.98

Explanation:

Computation for Bill Duke portfolio's beta

First step is to find the Investment in Y which is:

Investment in Y=100,000-35,000

=$65,000

Second step is to calculate for the Portfolio beta using this formula

Portfolio beta=Respective beta*Respective Investment weight

Portfolio beta =(35,000/100,000*1.5)+(65,000/100,000*0.7)

Portfolio beta=(0.35*1.5) +(0.65*0.7)

Portfolio beta =0.525 +0.455

Portfolio beta=0.98

Therefore the Portfolio Beta will be 0.98

7 0
3 years ago
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