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Troyanec [42]
2 years ago
11

Is rental income debit or credit

Business
2 answers:
neonofarm [45]2 years ago
8 0

Rent Income is recorded by crediting the account. Cash is debited if cash is received. Rent Receivable is debited if it is to be collected at a later date.

yuradex [85]2 years ago
4 0

Answer:

Debit

Explanation:

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An investor was looking at a sixteen-unit apartment building. Four of the units rented for $600, four for $750, four for $725, a
tankabanditka [31]

Answer:

$1,545,000

Explanation:

The formula to compute the cost of the building equal to

Rate of return = (Rental income - expenses) ÷ (cost of building )

where,

Rate of return = 8%

Rental income equals to

= ($600 × 4 units + $750 ×  4 units + $725 × 4 units + $800 × 4 units) ×  12 months

= $138,000

Total expense

= $1,200 ×  12 month

= $14,400

Now the cost of building would be

8% = ($138,000 - $14,400) ÷ (cost of building )

8% = $123,600

So, the cost of building equal to $1,545,000

6 0
3 years ago
When originally purchased, a truck costing BD 23.000 had an estimated useful life of 8 years and an estimated salvage value of B
GREYUIT [131]

Answer:

d. BD 2,500

Explanation:

Accumulated Depreciation through the end of year 4 = [ Asset's cost - Salvage Value) / Estimated Useful Life] * Years Elapsed

= [(23,000 - 3,000)/8] * 4

= BD 10,000

Depreciation in Year 3 = [Asset's cost - Salvage Value - Accumulated Depreciation] / Remaining Estimated Useful Life

Depreciation in Year 3 = [23,000 - 3,000 - 10,000] / 4

Depreciation in Year 3 = 10,000 / 4

Depreciation in Year 3 = BD 2,500

6 0
3 years ago
Tatum Company has four products in its inventory. Information about the December 31, 2021, inventory is as follows: Product Tota
balu736 [363]

Answer:

Tatum Company

1. The carrying value of inventory at December 31, 2021, assuming the LCNRV rule is applied to individual products is:

=  $ 303,000

2. Adjusting Journal Entry:

Debit Cost of Goods Good $38,000

Credit Inventory $38,000

To write-down the value of ending inventory.

Explanation:

a) Data and Calculations:

Product   Total Cost     Total Net Realizable Value    LCNRV

101            $ 136,000        $ 108,000                           $ 108,000

102               99,000             118,000                               99,000

103               68,000             58,000                                58,000

104               38,000             58,000                                38,000

Total        $ 341,000       $ 342,000                          $ 303,000

Write-down:

Cost of inventory =    $341,000

LCNRV of inventory    303,000

Inventory write-down $38,000

8 0
3 years ago
Alan tells Sherry that he will pay her $5,000 if she runs the Boston Marathon. Once Sherry starts running the marathon, Alan, le
iragen [17]

Answer:

can revoke the contract as informal verbal agreements are not binding

Explanation:

Since in the question it is mentioned that sherry would pay her $5,000 in the case when she runs marathon now once she starts running so here alan can revoke the contract legally as there is only verbal agreements not the written agreement also they are not binding to each other

So as per the given situation, the above statement should be considered

8 0
2 years ago
Carolina is trying to sell her car, and the lowest amount she is willing to accept is $2,000. Abdul is interested in buying the
andreyandreev [35.5K]

Answer:

Abdul's surplus= $400

Total surplus=$500

Explanation:

Consumer surplus can be defined as the amount a consumer is willing to pay and the amount he actually paid (which is usually less).

Given:

Carolina willing selling price=$2,000

Abdul willing buying price=$2,500

Abdul negotiated price=$2,100

Abdul is willing to pay $2,500 but he negotiated $2,100

Abdul's surplus= $2,500-$2,100

=$400

Total surplus= Abdul's willing price - carolilina's willing price

Total surplus= $2,500 - $2,000

= $500

3 0
3 years ago
Read 2 more answers
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