Answer:
Dr Rent revenue
Cr Unearned rent revenue, $4,500
Explanation:
Preparation of XYZ Company Journal entry
Since we were told that the Company received the amount of $18,000 on April 1, 2020 for a one year's rent paid in advance in which the transaction has a credit to a nominal account, this means we have to record the transaction by Debiting Rent revenue with 4,500 and Crediting Unearned rent revenue, with the same amount of $4,500 calculated as
(3/12 x $18,000 ).
Dr Rent revenue
Cr Unearned rent revenue, $4,500
(3/12 x $18,000 )
Answer:
Dealer "B" at $5,595.00
Explanation:
Comparison of cost charges for dealer A and dealer B will have to include the one-year maintenance offered by dealer B.
The cost for dealer A will be
maintenance for one year= $75 x 12= $900
cost of the car= $4,995.00.
total cost for dealer A
= $4,995.00 + $900
=$5,895
The cost from dealer B is $5,595.
Dealer B has the better deal as they are cheaper by $300
( $5,895- $5,595)
Answer:
Yes, Rawls could collect.
Explanation:
It is possible that Rawls collects damages due to negligence. This is due to the fact that the main cause of the accident was not substantiated by the Progressive Northern Insurance Company. The company claimed that the accident could have been caused by a series of events and the company was also not certain about the main cause of the accident.
Answer:
1. Accounts receivable
2. Notes receivable
3. Other receivable
Explanation:
Sold merchandise on account for $64,000 to a customer - Accounts receivable. Since the merchandise is sold on credit to a customer, the same is recorded in the current assets of the balance sheet as accounts receivable.
Received a promissory note of $57,000 for services performed - Notes receivable. Since the promissory note is received for service performed which we term as a note receivable. This also come under the current assets of the balance sheet
Advanced $10,000 to an employee - Other receivables - As an advance is given to an employee neither is an account receivable nor it notes receivable. So, it is term as an other receivable
Answer:
25%
Explanation:
The expected before-tax IRR on a potential real estate investment is 14%
The expected after-tax IRR is 10.15%
Therefore, the effective tax rate on this investment can be calculated as follows
Effective tax rate= 1-(after-tax IRR/before-tax IRR)
Effective tax rate= 1-(10.15/14)
= 1-0.75
= 0.25×100
= 25%
Hence the effective tax rate is 25%
