Answer:
DR. CR.
Rent Expense $3,000
Prepaid Rent $3,000
Explanation:
Rent paid in advance = $6,000
Rent paid for the period of 8 months. On December 31, 4 months has been passed. So the rent of only 4 month will be accrued.
Accrued Rent = $6,000 x ( 4 / 8)
Accrued Rent = $3,000
Expense accrued and transferred from the prepaid rent account to rent expense account.
The groups that will increase as a percentage of the total US workforce over the next decade are Asian, Hispanic and African-American youth, ages 16 to 24. This increase may be due to migratory factors.
<h3 /><h3>What are migratory factors?</h3>
It corresponds to the different variables that contribute to the increase in immigration, causing individuals to leave their countries of origin in search of more opportunities elsewhere. The migratory factors are:
- Economics
- Sociocultural
- Politicians
- Demographics
Therefore, the total US workforce will be highlighted in the next decade by different different ethnic groups due to the large migratory flow that the country faces by individuals from Latin America, Asia and African Americans.
Find out more about migratory factors here:
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Answer and Explanation:
The journal entries that are required to adjust merchandise inventory is given below:
Income Summary $121,000
To Inventory $121,000
(Being eliminate Beginning inventory balance is recorded)
Inventory $116,500
To Income Summary $116,500
(Being the cost of ending inventory is recorded)
These two entries should be recorded for adjusting merchandise inventory
Answer:
Change in Net worth= $133.62
Explanation:
The two lease options require that the leasee ( the tenant) commit himself to pay a series of equal amount of rent installment at the different time period in the future.
These series of equal periodic cash flows occurring in the future are called annuities.
To have a meaningful comparison, the two annuities should be compared based on their present values. So we compute the present value of the two using the formula below:
Present Value (PV) =( A × (1- (1+r)^(-n))/r
Option 1:Current lease
PV = 500 × 1-(1+0.05)^(12)
= 500 × 8.863251636
= $4,431.62
Option 2: New Offer
This will be done in two steps:
PV of lease in year 3
PV =700 × (1-(1+0.05)^(-9))
= 700 × 7.107821676
=4,975.47
PV of lease in year 0
PV = FV × (1+r)^(-3)
=4,975.47 × 0.8638
=$4,298.00
My net worth would change by the amount of the difference between the two PV of the two annuities:
Difference in PV = $4,431.62-$4,298.00
Change in Net worth= $133.62
