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On January 1, the Sleepy Monk Coffee Shop paid $39,000 for a full year of rent beginning on January 1. The rent payment was appr

Anit [1.1K]

Answer:

Debit Rent expense and credit prepaid rent for $3,250.

Explanation:

When rent is paid in advance, cash is exchanged for another asset known as prepaid expense. This entry is recorded as

Debit Prepaid expense

Credit Cash account

As the rent is used up, the entries required are;

Debit Rent expense

Credit Prepaid expense

Hence as at January 31, rent expense incurred

= 1/12 × $39,000

= $3,250

4 0

4 years ago

Specific skills needed to accomplish specialized activities such as drafting and welding are known as ____ skills.

marshall27 [118]

Specialization like that is called as "technical" skills.

3 0

3 years ago

During its most recent fiscal year, Raphael Enterprises sold 360,000 electric screwdrivers at a price of $19.80 each. Fixed cost

Lynna [10]

Answer: Option (d) is correct.

Explanation:

Contribution margin = Fixed cost + Pretax Income

= $1,296,000 + $1,656,000

= $2,952,000

Variable cost = Sales - Contribution margin

= (360,000 units × $19.80 per unit) - $2,952,000

= $7,128,000 - $2,952,000

= $4,176,000

3 0

3 years ago

What is the value of an annuity due at the end of 15 years of quarterly deposits of $2,000.00 with terms of 8 percent compounded

elena55 [62]

Explanations:

The formula for future value given

deposit amount, A = 2000

deposit interest, i = 8% annually = 8/4 = 2%, compounded quarterly

compounding period = quarterly

number of periods, n = 15 years = 4*15 = 60 periods (quarters)

The future value is given by:

FV = A*((1+i)^n-1)/i

= 2000*(1.02^60/0.02)

= $228103.08 (rounded to the nearest cent).

The difference in the answer choice is probably due to the teacher's calculator does not have sufficient accuracy.

4 0

3 years ago

Suppose you are going to purchase a house.

Alexxandr [17]

Answer:

(1) Monthly payment: 1145.74.

(2) Interest payment portion of 1st Monthly payment: 799.92

(3) Principal payment portion of the 1st Monthly payment: 345.82

(4) Balance after the 1st payment: 239654.18

Explanation:

Note: The following instruction in the question was adhered to througout while answering this question:

Enter the answer in dollar format without $ sign or thousands comma -> 3519.23 and not $3,519.23 or 3,519.23.

(1) Monthly payment:

This can be calculated using the formula for calculating the present value of an ordinary annuity as follows:

PV = P * ((1 - (1 / (1 + r))^n) / r) …………………………………. (1)

Where;

PV = Present value or amount borrowed from bank = House cost - Down payment = 300000 - (300000 * 20%) = 240000

P = Monthly payment = ?

r = Monthly interest rate = annual percentage rate (APR) / Number of months in a year = 4% / 12 = 0.04 / 12 = 0.003333

n = number of months = Number of years of the loan * Number of months in a year = 30 * 12 = 360

Substitute the values into equation (1) and solve for P, we have:

240000 = P * ((1 - (1 / (1 + 0.003333))^360) / 0.003333)

240000 = P * 209.471358

P = 240000 / 209.471358 = 1145.74

Therefore, monthly payment is 1145.74.

(2) The interest payment portion of 1st Monthly payment:

Interest payment portion of 1st Monthly payment = PV * r = 240000 * 0.003333 = 799.92

(3) The principal payment portion of the 1st Monthly payment:

Principal payment portion of the 1st Monthly payment = P - Interest payment portion of 1st Monthly payment = 1145.74 - 799.92 = 345.82

(4) Balance after the 1st payment:

Balance after the 1st payment = PV - Principal payment portion of the 1st Monthly payment = 240000 - 345.82 = 239654.18

7 0

3 years ago