Which of the following does not represent a copyright?

On January 1, Mountbatten Corporation paid $18,000 for a year's advance rent on a building and recorded it as Rent Expense. The

chubhunter [2.5K]

Answer:

b. a credit to rent expense for $13,500

Explanation:

The computation is shown below:

Since there is an advance rent for $18,000 on Jan 1 and the adjusting entry would be made on March 31

So, the amount would be

= $18,000 - $18,000 × 3 months ÷ 12 months

= $18,000 - $4,500

= $13,500

This amount i.e $13,500 would be credited to rent expense

Hence, the second option is correct

5 0

3 years ago

If your team is composed of people from different functional departments (and even outside the organization), what type of team

Alborosie

Answer:

Cross functional team

Explanation:

There are various team types depending on their composition and how they function to meet organisational goals.

The types of teams are functional, cross functional, and work teams.

The cross functional team are made up of individuals from different functional departments and even from outside of the organisation.

This type of team is characterised by people who are experts in their fields. Therefore they usually make decisions without consulting management.

This type of team maximises coordination between specialised subunits

6 0

3 years ago

For each separate case below, follow the 3-step process for adjusting the prepaid asset account at December 31.

antiseptic1488 [7]

Answer:

a. Prepaid Insurance. The Prepaid Insurance account has a $4,700 debit balance to start the year. A re- view of insurance policies and payments shows that $900 of unexpired insurance remains at year-end.

Step 1: $4,700 debit balance

Step 2: $900 debit balance

Step 3: $4,700 - $900 = $3,800

Dr Insurance expense 3,800

Cr Prepaid insurance 3,800

b. Prepaid Insurance. The Prepaid Insurance account has a $5,890 debit balance at the start of the year. A review of insurance policies and payments shows $1,040 of insurance has expired by year-end.

Step 1: $5,890 debit balance

Step 2: $4,850 debit balance (= $5,890 - $1,040)

Step 3: $1,040

Dr Insurance expense 1,040

Cr Prepaid insurance 1,040

c. Prepaid Rent. On September 1 of the current year, the company prepaid $24,000 for 2 years of rent for facilities being occupied that day. The company debited Prepaid Rent and credited Cash for $24,000.

Step 1: $24,000 debit balance

Step 2: $20,000 debit balance (= $24,000 - $4,000)

Step 3: ($24,000/24) x 4 = $4,000

Dr Rent expense 4,000

Cr Prepaid rent 4,000

8 0

4 years ago

John is the head of the insurance claims department. John works for longer hours than his subordinates. However, John is not pai

ZanzabumX [31]

Answer:

The correct answer is D.John is considered as an exempt employee.

Explanation:

Some employees are exempt from overtime pay provisions, even when they are covered by other FLSA provisions. Although the actual determination of the exempt and non-exempt status is complex, exempt employees usually meet three tests: payments greater than US $ 455 per week, receive a salary instead of an hourly rate and perform a job in an exempt category listed by the US Department of Labor. Exempt categories include supervisors, managers, professional services and some administrative jobs.

7 0

3 years ago

The owner of a collection of old anvils lent it to the local museum and hired professional movers to transport the anvils to the

Kaylis [27]

Answer:

Neither nominal damages nor punitive damages.

Explanation:

Nominal damage is defined as money from a defendant that is awarded to a plaintiff for a legal wrong. The amount awarded does not meet up to the financial loss incurred.

Punitive damage is the type that is awarded to punish the defendant for an injury or wrong done to a plaintiff. This is also called exemplary damages.

In the given scenario the owner will not be able to recover either punitive or nominal damages from the movers.

This is because movers used a rope and pulley apparatus to lift the anvils on the outside of the building to a second-story window. This was aimed at not harming anyone within the building.

Also when it fell the anvil was not even dented.

So there was no basis for the negligence charge as there was no injury inflicted.

8 0

3 years ago