Answer:
C. Debit Buildings; Credit Notes Payable.
Explanation:
The journal entry to record the given transaction is shown below:
Building A/c Dr XXXXX
To Notes Payable A/c XXXXX
(Being the building is purchased)
Since the building is purchased which increases the value of the asset so the building account is debited and the payment is done by borrowing amount from the bank i.e note payable so this account would be credited
Based on the national income and income per capita, the population of the country is 10,000 people.
If the population and total income grow, the income per capita is $302.91 but if the country's population does not grow, the income per capita is $312.
<h3>How is income per capita found?</h3>
It is found by the formula:
= Total income / Population
The population is therefore:
= 3,000,000 / 300
= 10,000 people
The income per capita if population grows 3% and total income grows 4% is:
= (3,000,000 x 1.04) / (10,000 x 1.03)
= $302.91
If only the total income grew:
= (3,000,000 x 1.04) / 10,000
= $312
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An annual reporting period consisting of any twelve consecutive months is known as Fiscal year.
The government and enterprises utilize a fiscal year (FY), usually referred to as a budget year, as the time frame for accounting to create annual financial accounts and reports. A fiscal year may not end on December 31 and is made up of 12 months or 52 weeks.
Government accounting, which differs between nations, and budgeting employ a fiscal year. Additionally, it is employed by companies and other organizations for financial reporting.
Companies and workplace groups use a fiscal year, which is a 12-month period, to submit, review, and communicate their financial accounts, budgets, and objectives. This period of time need not follow the conventional January to December calendar year pattern. Every company has a unique nature when it comes to generating revenue and succeeding.
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Answer:
Moonligh Bay Resorts will report a Non-current liability of $126 million
Explanation:
The question is to determine whether Moonlight Bay Resorts is to report an asset (current or non-current) or a liability (current or non-current) in its December 31st 2021 Balance Sheet
The step is to determine the classification of the items in the balance sheet
This is done as follows
Description Amount ($)
Total Deferred Tax liability (168 million + 120 million) 288 million
(Deferred tax liabilities related to
both current and non-current assets)
Total Deferred tax asset (102 million + 60 million) (162 million)
The net deferred tax liability 126 million
Since, under the International Financial Reporting Standards Deferred Tax Liability is a Non-current liability, it means <u>Moonligh Bay Resorts will report a Non-current liability of $126 million</u>
Answer:
the depreciation expense recorded is $680
Explanation:
The computation of the depreciation expense under the straight-line method is shown below:
= (Purchase cost - residual value) ÷ (estimated life)
= ($17,500 - $1,180) ÷ ( 4 years)
= $4,080
Now the 2 months depreciation is i.e. from November to December
= $4,080 × 2 months ÷ 12 months
= $680
Hence, the depreciation expense recorded is $680