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Scorpion4ik [409]
3 years ago
9

On May 1, 2021, Cedar Corp. paid $432,000 for rent on warehouse space one year in advance. On November 1, 2021, Cedar Corp. ente

red into a lease agreement to rent out its old warehouse space it was no longer using. This agreement calls for Cedar to receive $10,000 per month from the lessee, due and payable at the end of the 5-month lease term. At December 31, 2021, none of the rental payments from the lessee had yet been received. If Cedar makes the appropriate adjusting entry, how much will be reported on the December 31, 2021 income statement for rent expense?
Business
1 answer:
lorasvet [3.4K]3 years ago
4 0

Answer: $324,000

Explanation:

Cedar Corp. paid $432,000 for a year in advance. According to the Accrual principle in Accounting, expenses are to be recorded only when incurred.

The rent will therefore have to be apportioned to the months that it has paid for in the current period.

Rent for year = $432,000

Rent for month = 432,000/12 = $36,000

April - December = 9 months

Rent for the year = 9 * 36,000

= $324,000

Note; <em>Question is about Rent expense which is how much Cedar Corp has paid not about how much they have received. </em>

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For each of the goods, identify the characteristics that describe each good. Note that each good will be described with two char
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Also, Non-rivalrous goods are those goods that even though consumed by the people will not cause shortage of the  availability of the same goods to others.   A rivalrous good is the opposite as it causes shortage in availability  to others when used.

National Defence----Non excludable and Non Rivalrous

Pay-Per-View cable television---Excludable and NonRivalrous

a Hot Pocket sandwich--- Excludable and Rivalrous

private classroom education--- Excludable and Rivalrous

pajamas--- Excludable and Rivalrous

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7 0
2 years ago
Real per capita GDP in Singapore in 1960 was about $450, but it doubled to about $900.00 by 1977. a. What was the average annual
aleksandrvk [35]

Answer:

4.16%

Explanation:

to calculate Singapore's economic growth rate we can use the future value formula (we could also use the rule of 72 but it is not very exact):

future value = present value x (1 + r) ⁿ

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  • present value = 450
  • n = 17
  • r = ?

900 = 450 (1 + r)¹⁷

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6 0
3 years ago
The amounts for recording properties and services purchased by a business are determined using the:______.
Alex17521 [72]

The amounts for recording properties and services purchased by a business are determined using the cost concept.

<h3>Which principle determines the amount initially entered into the records for purchases?</h3>

A principle of accounting establishes the initial amount entered for purchases in the accounting records. According to the cost idea of accounting, all purchases of items (such as assets or items required for spending) should be recorded and kept in books at their original cost. Therefore, unless specifically indicated differently, it should be understood that an asset's value on a balance sheet represents its cost. Let's use the case of a company that pays cash or bank for a building worth $200,000. The worth of the building will be recorded in the accounting records using the cost concept of accounting, which equals $2,000,000. After four years, the building's worth increased to $1,000,000.

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brainly.com/question/24077535

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5 0
2 years ago
One way in which you lose financially when buying a new car is​
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A I’m not doing this but pretty sure A
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IceJOKER [234]

Answer:

A

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