Answer and Explanation:
The adjusting entries are as follows:
1 Insurance expense Dr $310
To Prepaid Insurance $310
(Being insurance expense is recorded)
2 Supplies expense Dr $1,650 ($2,610 - $960)
To Supplies $1,650
(Being supplies expense is recorded)
3 Depreciation expense Dr $150
To Accumulated Depreciation - Equipment $150
(Being depreciation expense is recorded)
4 Unearned service revenue Dr (two-fifth of $12,000) $4,800
To Service Revenue $4,800
(Being service revenue is recorded)
Financial reporting objectives for companies, according to the conceptual framework, are based on user needs, to be used as a periodic assessment of organizational performance.
<h3 /><h3>Financial reports</h3>
Responsible for supporting organizational decision-making, their objective is to analyze, monitor and report the performance of an organization, to determine the financial health of the business, demonstrate transparency and assist in the decision-making process.
Therefore, financial reporting objectives are based on user needs, ie a company uses such reports to measure performance, determine projections, analyze resource utilization and make more effective decisions.
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Answer:
d. 8.2%
Explanation:
The computation of the WACC is shown below:
= Weightage of debt × cost of debt × ( 1- tax rate) + (Weightage of common stock) × (cost of common stock)
where,
Weighted of debt = Debt ÷ total firm
= (0.60 ÷ 1.60)
= 0.375
And, the weighted of common stock = (Common stock ÷ total firm)
= 1 ÷ 1.60
= 0.625
The total firm is
= 0.60 + 1
= 1.60
Now put these values to the above formula
So, the value would equal to
= (0.375 × 8%) × ( 1 - 35%) + (0.625 × 10%)
= 1.95% + 6.25%
= 8.20%
Answer:
$2,000
Explanation:
Usually, the landlord is required to notify the tenant if he/she plans to sell the property, but regardless of who owns the property (the original landlord or a new landlord), the contract terms are valid and must be honored by both the current landlord and the tenant.
The new owner immediately became the new landlord and he/she assumed all the responsibilities stated in the lease contract. Since the lease contract stated that the "lessor (landlord) agreed to maintain all structures on the property in good repair", the new landlord must pay for any necessary repairs.
The impact of the vendor with the zero opening balance is to show that the account has been correctly set up.
<h3>What is the vendor opening balance?</h3>
This is the term that is used to refer to the amount of money that is in an account at the particular time that the account is newly opened.
The way that the vendor balance can be gotten is when the opening balances that are in a new year are carried forwards and the customers are done. In order to track this, the code that is to be used is F. 07.
The opening balance is what would have to be brought forward at the end of an accounting period and it is usually what the vendor would have to use as they try to keep a track of the cash flow that is in their account.
Hence we would say that the impact of the new vendor with this balance that is 0 is to help to determine how correct the set up of the account has been done.
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