Answer:
a)
Rent Expense Dr.$16,000
Bank Dr.$48,000
Prepaid Rent Cr.$64,000
Explanation:
The company entered into lease on 1st November 2019 with rent of $8,000 per month. the company on 1st November 2019 recorded prepaid rent as follows; which is wrong
Prepaid Rent Dr. $72,000
Bank Cr. $72,000
This is wrong entry as prepaid rent was overstated by ($72,000-$24,000 ) $48,000 and same like bank was understated by $48,000
The correct entry should have been like this as on 1st November 2019;
Prepaid Rent Dr. $24,000
Bank Cr. $ 24,000
By 31st December 2019, two months rent have already accrued so prepaid rent should be credited by (8000*2+48,000 for additional amount recorded)
<em>So the rectifying entry is; as on 31st December 2019</em>
<em>Rent Expense Dr.$16,000</em>
<em>Bank Dr.$48,000</em>
<em>Prepaid Rent Cr.$64,000</em>
Answer: The correct answer is "d. The income statement for a given year is designed to give us an idea of how much the firm earned during that year.".
Explanation: The statement "d. The income statement for a given year is designed to give us an idea of how much the firm earned during that year." is CORRECT because In accounting, the income statement is a financial statement that shows in an orderly and detailed way how the result of the year was obtained during a given period.
This financial statement is closed, since it covers a period during which the costs and expenses that gave rise to its income must be perfectly identified. Therefore, it must be perfectly applied at the beginning of the accounting period so that the information presented is useful and reliable for decision making.
Answer:
1. Job A is considered for recommendation
2. Accept B
Explanation:
1. We calculate contribution for A and B
For job A
$(800000-250000-260000-40000-26000)
= $224000
For job B
$(750000-220000-310000-30000-29000)
= $161000
We compare the costs of both jobs. A has more contribution compared to B so we consider A.
2. A is no longer available
We add supervisors salary as well as insurance as additional costs
$(750000-220000-310000-30000-29000-70000-18200)
= 72800
The contribution from b is positive so the decision is to accept it.
Myra Eber traded 1,800 shares of judd company common stock with a fair market value of $86,000 for 1,000 shares of faro corporation common stock that she had bought for $75,000. This was done in accordance with a corporate restructuring plan that was implemented in year 1. Eber's realised gain and her basis in the judd stock should be $300 as a result of this swap.
The group of people who buy and sell stocks, also known as shares, which stand for ownership holdings in corporations, is referred to as a stock market, sometimes known as an equity market or share market. These securities, such as shares of private companies that are made available to investors through equity crowdfunding platforms, may be listed on a public stock exchange or solely traded privately. An investment plan is typically present when making an investment. Stockbrokers and traders can purchase and sell shares (equity stock), bonds, and other assets on a stock exchange, often known as a bourse. Stocks from numerous big businesses are traded on a stock exchange. This increases the stock liquidity and, as a result, its allure to many investors.
Learn More About Stock:
brainly.com/question/13400473
#SPJ4
