1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Aleksandr-060686 [28]
3 years ago
8

Mike started a calendar year business on September 1st of this year by paying 12 months of rent on his shop at $1,000 per month.

What is the maximum amount of rent that Mike can deduct this year under each type of accounting method?
Business
1 answer:
serious [3.7K]3 years ago
6 0

Answer:

accrual method = $4000

cash method = $12000

Explanation:

given data

rent = $1000

time = 12 month

to find out

maximum amount of rent

solution

we know from 1 September mika start paying rent

so  September to December = 4 months

so by accrual method

accrual method = rent × time

accrual method = 1000 × 4

accrual method = $4000

and

by cash method

cash method  = rent × time

cash method  = 1000 × 12

cash method = $12000

You might be interested in
Which of the following BEST represents a mission​ statement? A. Our goal is to honor and empower wounded warriors. B. We strive
BabaBlast [244]

Answer:

B. We strive to be the worldwide leader in sharing delicious tastes and creating joyful memories

Explanation:

There are two concepts i.e mission and vision. The mission statement is the statement in which it talks about the company goals and objective that represent the present condition of which market should be targeted, its geographical location, etc

While on the other hand the vision statement refers to position of the company in the future. It is always for the long term as it is always thinking for the future where the company what to be.

Based on the above explanation, the option B is correct as it depicts the mission statement.

4 0
3 years ago
The coupon rate is the rate of interest that the issuer of the bond must pay. (II) The coupon rate is usually fixed for the dura
lyudmila [28]

Answer:

TRUE

Explanation:

The coupon rate for a bond is fixed and is paid by the issuer of the bond to the bondholder. The cash outlay/inflow to the issuer/bondholder is always the same reardless of the market rate.

The effect of the market rate is on the cost to acquire the bond in the secondary market. It do not change the coupon obligation.

3 0
3 years ago
You need a new computer, and you will need a loan in order to buy one. Which lender is most likely to charge you the highest int
Rom4ik [11]
I know the answer is but b and d because they have the key words savings and with credit you pay lower to so the answer should be A
4 0
3 years ago
Read 2 more answers
Leigh has three children but has not written her will which danger will she more than likely face if she dies without a will?
labwork [276]
Her children will not inherit any of her assets
4 0
3 years ago
A country has been in existence for only two years.
ozzi

Answer:

-1.0 million

Explanation:

the debt issued in the second year is equal to the sum of the excess of revenues over outlays

in year 1, debt = $1.0 million - $1.5 million = $-0.5 million

In year 2, debt  = $1.5 million - $2.0 million = $-0.5 million

$-0.5 million + $-0.5 million  = -1.0 million

4 0
4 years ago
Other questions:
  • Heidi, a vsc-certified volunteer, is working at the intake station. as part of her duties, she is required to explain to the tax
    13·1 answer
  • Which payment method typically charges the highest interest rates? ACredit cards BCashier's checks CPre-paid cards DPayday loans
    15·2 answers
  • Superior Construction Co. was contracted to plaster all the buildings of a historical preservation project for $2,500,000 over t
    14·1 answer
  • Forest Components makes aircraft parts. The following transactions occurred in July.
    15·1 answer
  • When some consumers see the marketing mixes being offered by various firms as being different, but other consumers consider thes
    15·1 answer
  • Lucky wants to attach a goal coast of her life goal. What might she do this
    13·1 answer
  • Which of the following would be a good indication that an applicant might be
    9·1 answer
  • Describe business transaction that will do the following.
    11·1 answer
  • I'll give 20 points if you just answer this riddle: You see a boat filled with people. It has not sunk, but when you look again
    7·2 answers
  • Please answer the following questions:
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!