Answer:
Net Income is $65,000.
Explanation:
According to given data
Revenue = $120,000
Expenses = $55,000
Net Income = Revenue - Expesnes
Net Income = $120,000 - $55,000
Net Income = $65,000
Net Income is $65,000.
As net income is calculated using Revnue and Expenses, In the presence of this data we will not consider thae value from the balance sheet.
Answer:
The correct answer is $688
Explanation:
According to the given scenario, the calculation of total pay last week is as follows:
Total hours worked is 42 hours out of which normal hours is 40 and 2 hours is overtime
So,
= 40 hours × $16 + 2 hours × ($16 + $16 ÷ 2)
= $640 + 2 hours × $24
= $640 + 48
= $688
hence, the total pay last week is $688
Answer: c. The activity is abnormally dangerous
Explanation:
Strict liability is also referred to as the absolute liability, and this term means legal responsibility for injury or damages, despite the fact that the individual or business that's found strictly liable wasn't negligent or probably at fault for the injury to damages.
In this case, if Earth Movers, Inc., uses dynamite to prepare land for highway projects, a strict liability is imposed on this activity because it is abnormally dangerous.
Answer: The correct answer is a. debit Unearned Rent Revenue, $2,500; credit Rent Revenue, $2,500.
Explanation: Leyland Realty Company receipt of $15,000 represents an unearned revenue because the 6-month rent has not been utilized. Since the term is for 6 months, monthly amortization would be $15,000 ÷ 6 months = $2,500. This amount now serves as the monthly amortization, which would be unwound to revenue and the amount in liability (unearned revenue) would gradually decrease until it becomes zero.
Now that a month has elapsed (1 July - 31 July), an amount of $2,500 calculated above would be unwound to revenue (income statement) by Debiting Unearned revenue $2,500 and Crediting Revenue $2,500.