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larisa86 [58]
3 years ago
9

Purdue Company signed a one-year lease on April 1, 2017, and paid the $45,600 total yearâs rent in advance. Purdue recorded the

transaction as a debit to Prepaid Rent and a credit to Cash. What adjusting entry should Purdue make on December 31, 2017 (no previous adjustment has been made)?
Business
1 answer:
kogti [31]3 years ago
7 0

Answer:

Rent expense debit and credit prepaid rent

Explanation:

Prepaid expense refers to those expenses that have been paid in advance before they are accrued. Some examples prepaid expenses are prepaid rent and prepaid insurance.

Prepaid expenses are debited and cash is credited at the time expenses are paid in advance. At the end of the year, adjustment entry is made when the expense expires. Following is the adjustment entry made at the end of the year:

Date                        Particulars                          Debit($)                 Credit($)

December               Rent expense                     45,600

31'2017                           Prepaid expenses                                       45,600

                                (To record expired prepaid

                                  rent)

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You are looking to buy a car and you have been offered a loan with an APR of 5.7 %​, compounded monthly. a. What is the true mon
lukranit [14]

Answer:

Monthly Interest rate = 0.475%

EAR = 5.85%

Explanation:

a.

APR = 5.7%

Monthly Interest rate = APR / n

Monthly Interest rate = 5.7% / 12

Monthly Interest rate = 0.475%

b.

APR = 5.7%

m = 12

EAR = [ ( 1 + (APR / m))^m] - 1

EAR = [( 1 + (0.057 / 12))^12] - 1

EAR = [( 1 + 0.00475 )^12] - 1

EAR = [( 1.00475 )^12] - 1

EAR = 1.0585 - 1

EAR = 0.0585

EAR = 5.85%

True monthly rate of​ interest is 0.475%

EAR is 5.85%

5 0
3 years ago
2019 2018 2017 2016 2015 Sales $ 672,736 $ 439,697 $ 356,030 $ 248,972 $ 185,800 Cost of goods sold 352,273 230,192 188,636 130,
drek231 [11]

Answer:

                                      2019        2018     2017      2016     2015

Sales                              362           237      192         134        100

Cost of goods sold       365           238      195         135        100

Accounts receivable    254           202       191          114        100

Explanation:

Note: See the attached excel file for the table showing how the trend percents are calculated.

Trend percents, often known as index numbers, can be described as percents that are used for comparing financial data across time to a based year or period. This can be calculated using the following formula:

Trend percents = (Analysis year amount / Base year amount) * 100 ........ (1)

Using equation (1), the following table shows the trend percents computed as follows:

                                     2019         2018     2017      2016     2015

Sales                              362           237       192         134        100

Cost of goods sold       365           238       195         135        100

Accounts receivable     254           202       191          114        100

Download xlsx
4 0
3 years ago
A company creates 40 units of a product using 30 hours of labor and 15 sheets of paper. Labor costs $10/ hour and paper costs $5
Scorpion4ik [409]

Answer:

0.038 units per $ of factor costs

Explanation:

Labor cost for 40 units  = 30 hours × $10/hour = $300

Cost of paper for 40 units = 15 sheets × $50/sheet = $750

Output = 40 units

Multi factor productivity is expressed as;

Multi factor productivity = Output/Total Factor cost

Multi factor productivity = 40 units/$1050 = 0.038 units per $ of factor cost

Multi factor productivity is a measure that depicts units produced for every $ of factor products used. In the above case 2 factors i.e labor and paper are used.

8 0
3 years ago
The elasticity of supply measures how responsive:
slega [8]

Answer:

the quantity supplied is to a change in price. 

Explanation:

Elasticity of supply measures the degree of responsiveness of quantity supplied to changes in price

Elasticity of supply = percentage change in quantity supplied/ percentage change in price

Supply is elastic if a small change in price has a greater effect on the quantity supplied.

Supply is inelastic if a small change in price has little or no effect on quantity supplied.

Supply is unit elastic if a small change in price has a proportional equal effect on quantity supplied.

I hope my answer helps you

8 0
3 years ago
Which of the following is a duty of a personal finance manager?
Eva8 [605]

Answer:

Filling rax return is a duty of a personal finance manager

4 0
3 years ago
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