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LenaWriter [7]
3 years ago
9

Ivanhoe Company sublet a portion of its warehouse for five years at an annual rental of $71100, beginning on May 1, 2020. The te

nant, Barbara Jones, paid one year's rent in advance, which Ivanhoe recorded as a credit to Unearned Rent Revenue. Ivanhoe reports on a calendar-year basis. The adjustment on December 31, 2020 for Ivanhoe should be:________.
Business
1 answer:
Olenka [21]3 years ago
8 0

Answer and Explanation:

The adjustment should be as follows

Unearned Rent Revenue    $47,400

    To Rent Revenue   $47,400

(Being recording of revenue earned is recorded)

Here unearned rent revenue is debited as it decreased the liabilities and the rent revenue is credited as it increased the revenue. Also liabilities and revenue contains the normal debit balance

The working is shown below:

= $71,100 × 8 months ÷ 12 months

= $47,400

The eight months are calculated from May 1 to December 31

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Your brother is starting 9th grade next year and is thinking about going to college. What steps would you recommend he take?
lawyer [7]
I would say a just to make sure he is making a right chocie 
7 0
3 years ago
Read 2 more answers
Pharoah Incorporated factored $154,700 of accounts receivable with Engram Factors Inc. on a with recourse basis. Engram assesses
VashaNatasha [74]

Answer:

Cash                                  135,604 debit

Due from factor account:      7,735 debit

Loss on Factoring                18,081 debit

        Recourse Liability                    6,720 credit

        Accounts Receivable          154,700 credit

--to record sales of account receivables--

Explanation:

fee: 154,700 x 3% = 4,641

retention: 154,700 x 5% = 7,735

recourse: 6,720

The company will receive cash for the difference between his account receivable and the discount above:

154,700 - 4,641 - 7,735 - 6,720 = 135.604‬

We post the retention as an assets as latter we will recove this amount.

Then, the recourse as a liaiblity. Write-off the receivables and later, the cash receipts.

The difference will be considered a loss.

5 0
2 years ago
3. (1 point) Suppose a firm faces potential demand from two customer bases, H and L, with high and low valuation of the firm’s p
MariettaO [177]

Answer: A. increases with the number of H consumers.

Explanation: If all type H customers are currently purchasing the product, it means that its customer base is large and significant enough and as such the firm would prefer to sell all of its product to H, and also do to the fact that there is only so much supply that a firm can provide. But, fewer quantities of goods would remain for L if more and more goods are sold to H. Due to this lower quantity supplied to the L customer base, it then means that the firm can set the price higher for L. This is because at a higher price, quantity demanded reduces (which is expected for L) and it can therefore maintain supply to H which has more customers.

7 0
3 years ago
Allied Paper Products, Inc., offers a restricted stock award plan to its vice presidents. On January 1, 2021, the company grante
vitfil [10]

Answer:

1. $80,000,000

2. (The Journal entries can be found below)

Explanation

1. Fair value per share x shares granted = million fair value of award

=$5×$16,000,000 = $80,000,0000

The total compensation cost pertaining to the restricted shares is $80,000,000

2. Journal entries as at December 31, 2021. ($ in millions)

Dr Compensation expense ($80 million ÷ 2 years) 40

Cr Paid-in capital—restricted stock 40

Journal entries as at December 31, 2022. ($ in millions)

Dr Compensation expense ($80 million ÷ 2 years) 40

Cr Paid-in capital—restricted stock 40

Dr Paid-in capital—restricted stock 80

CrCommon stock (16 million shares x $1 par) 16

Cr Paid-in capital—excess of par (remainder) 64

3 0
3 years ago
On January 1, 2018, Titania Inc. granted stock options to officers and key employees for the purchase of 20,000 shares of the co
qwelly [4]

Answer:



Explanation:

Date General Journal Debit Credit  

   

Jan 1 2018 No Entry when granting    

   

Dec 31 2018 Compensation Expense ($350,000/2 Years) $175,000  

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(for Year 2018 - compensation expense)    

   

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     Compensation Expense  $ 17,500  

(To record termination of stock options)    

$350,000*2,000/20,000*1/2    

   

Dec 31 2019 Compensation Expense ($350,000/2 Years) $157,500  

     Paid in Capital Stock Options  $157,500  

(for Year 2019 - compensation expense)    

$350,000*18,000/20,000*1/2    

   

Mar 31 2020 Cash (12,000*$25) $300,000  

Paid in Capital Stock Options ($350,000*12,000/20,000) $210,000  

     Common Stock (12,000*$10)  $120,000  

     Paid in capital, in excess of par-Common  $390,000  

(To record exercise of stock options)    

3 0
2 years ago
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