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juin [17]
4 years ago
7

On January 1, 2018, Wellburn Corporation leased an asset from Tabitha Company. The asset originally cost Tabitha $300,000. The l

ease agreement is an operating lease that calls for four annual payments beginning on January 1, 2018, in the amount of $36,000. The other three remaining payments will be made on January 1 of each subsequent year. Which of the following journal entries should Tabitha record on January 1, 2018? Multiple Choice a. Cash 36,000 Lease receivable 36,000 b. Cash 36,000 Deferred rent revenue 36,000 c. Cash 36,000 Rent revenue 36,000 d. Cash 36,000 Rent expense 36,000
Business
1 answer:
Galina-37 [17]4 years ago
5 0

Answer:

Correct option is B

Explanation:

Cash 36,000

Deferred rent revenue 36,000

Deferred income is, in accrual accounting, money earned for goods or services which have not yet been delivered. According to the revenue recognition principle, it is recorded as a liability until delivery is made, at which time it is converted into revenue.

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When creating a credit account for a customer you need to request?
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3 years ago
Read 2 more answers
Oil creek auto has sales of $3,740, net income of $274, net fixed assets of $2,800, and current assets of $920. the firm has $63
Montano1993 [528]

An income statement that expresses each line item as a percentage of a base amount is known as a common-size income statement

<h3>What is common-size statement?</h3>

An income statement that expresses each line item as a percentage of a base amount is known as a common-size income statement. Typically, this refers to overall earnings or total sales. Financial ratio analysis's objective is comparable to that of a common-size income statement. Items are shown as a percentage of a common base amount, such as total sales revenue, in a financial statement of common size. This kind of financial statement makes it simple to compare one company to another or different time periods within the same company.

The common-size statement refers to expressing each value as a percent of sales:

Sales                 3,340                   100.000%

income                 274                     8.234% (274 divided by 3340 times 100)

fixed assets          2,699               80.809%

current assets         836                25.030%

Inventory               417                0.12485  (417/3,340)

To learn more about common-size statement refer to:

brainly.com/question/14275288

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5 0
2 years ago
Of the four steps in the army pr system, which step encompasses the activities of developing guidance for, providing appropriate
Nina [5.8K]
Despite Saturated triglyceride  having  high  melting point  and  been  stable against  air  they  are  not  healthy. These  is  because saturated  triglyceride has no  double  bond  between carbon atom which  make  them tightly packed.These  bring  about an  increased low  density lipoprotein(LDL)in  human which  may  led  to  health problems.
6 0
3 years ago
7) Presented below is information related to Noble Inc. as of December 31, 2018. Accumulated OCI (G/L) $ 120,000 Projected benef
Elan Coil [88]

Answer:

$398,000

Explanation:

Data provided

Projected benefit obligation = $4,870,000

Plan assets = $4,472,000

The calculation of pension liability on Noble's balance sheet is shown below:-

= Projected benefit obligation - Plan assets (at fair value)

= $4,870,000 - $4,472,000

= $398,000

Therefore for computing the pension liability on Noble's balance sheet we simply deduct the plan assets from projected benefit obligation.

6 0
4 years ago
The GDP for a hypothetical economy is determined to be 6 billion dollars in year 1
Sav [38]

Answer:

The answer is D, 25%

Explanation:

I just took the quick check

5 0
2 years ago
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