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
sammy [17]
3 years ago
9

ike started a calendar-year business on September 1st of this year by paying 12 months of rent on his shop at $650 per month. Wh

at is the maximum amount of rent that Mike can deduct this year under each type of accounting method
Business
1 answer:
frosja888 [35]3 years ago
8 0

Answer:

$7800 under the cash method and $2600 under the accrual method

Explanation:

Calculation to determine the maximum amount of rent that Mike can deduct this year under each type of accounting method

UNDER THE CASH METHOD

Cash method=$650*12

Cash method=$7800

UNDER THE ACCRUAL METHOD

Accrual method =4 months*650

Accrual method =$2600

(September 1st to December 31st =4 months)

Therefore the maximum amount of rent that Mike can deduct this year under each type of accounting method is :$7800 under the cash method and $2600 under the accrual method

You might be interested in
You have an outstanding balance on your credit card of $10,000. You can pay off the balance if you make 36 monthly payments of $
iVinArrow [24]

Answer:

Our answer is attached below

Explanation:

7 0
3 years ago
Min invested $18,000 cash in the business. Paid $7,540 cash for monthly rent expense for May. Paid $4,600 cash for this year’s i
Olenka [21]

Answer:

\left[\begin{array}{ccc}$Account&$DEBIT&$CREDIT\\$Cash&37,600&-\\$Prepaid insurance&4,600&\\$Office supplies&890&-\\$office equipment&12,900&\\$accouts payable&-&12,900\\$Capital Account&&18,000\\$drawins&3,370&\\$Sales revenue&&36,000\\$Rent expense&7,540&\\$Total&66,900&66,900\\\end{array}\right]

Explanation:

We must do ledger for each accounts, most of them only got one transaction so we just post them directly.

For cash we must do it as there are several transaction:

       CASH

<u>DEBIT          CREDIT</u>

18,000

                    (7,540)

                    (4,600)

                       (890)

36,000

<u>                     (3,370)</u>

37,600

Assets and expenses goes into debit column

Liabilities, equity and revenues into credit column

7 0
3 years ago
Sonor Systems undertakes its own machine maintenance. The depreciation on the equipment is $20,000 per year and operating cost i
NISA [10]

Answer:

d.$570,000

Explanation:

Please see attachment

5 0
3 years ago
1 Which is an example of a short-term investment?
Furkat [3]

Explanation:

Short-term investments, also known as marketable securities or temporary investments, are those which can easily be converted to cash, typically within 5 years. ... Some common examples of short term investments include CDs, money market accounts, high-yield savings accounts, government bonds and Treasury bills.

.........................................PLS MARK AS BRAINLIEST..............................

8 0
4 years ago
Read 2 more answers
Describe some techniques that sellers use to differentiate their products.​
Alchen [17]

Hello!

The term "differentiation" refers to what sellers do to make their products different, or stand out,  from competing products.

A few forms of differentiation are through:

- Pricing (more expensive or less expensive than competitors)

- Form (size, shape, structure, etc.)

- Performance (performing better or more efficiently than competitors)

- Reliability (lasting longer than competing products)

For example, Tesla differentiates itself through offering appealing (stylish) electric cars that are energy-saving and more efficient than other electric vehicles. Pricing is also reasonable for what the company offers, but expensive relative to most common gas-powered cars.

I hope this helps you! Have a lovely day!

- Mal

6 0
4 years ago
Other questions:
  • At the beginning of the current period, Kingbird Corp. had balances in Accounts Receivable of $191,500 and in Allowance for Doub
    10·1 answer
  • Calculate the cost of goods manufactured using the following information: Direct materials used $ 298,800 Direct labor used 132,
    5·1 answer
  • A doggy daycare business often uses well-designed brochures to communicate with its potential customers, describes its services
    10·1 answer
  • The size of the change in the quantity demanded of a good or service due to change in its price is measured by the elasticity of
    6·1 answer
  • The statement that reports net income or loss for a certain period in time is the
    6·1 answer
  • Property, plant, and equipment and intangible assets are:
    14·1 answer
  • Can i get help with 5 6 and 7please​
    7·1 answer
  • Albert had a terminal illness that would require almost constant nursing care for the remaining two years of his estimated life,
    9·1 answer
  • 4. Now that you've had this experience, do you feel compelled to follow this person on Twitter? Why
    13·1 answer
  • There is a degree of task specialization in all societies. In the danakil region of eritrea, the afar men occasionally mine what
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!