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bogdanovich [222]
3 years ago
7

Fragmental Co. leased a portion of its store to another company for eight months beginning on October 1, at a monthly rate of $1

,225. Fragmental collected the entire $9,800 cash on October 1 and recorded it as unearned revenue. Assuming adjusting entries are only made at year-end, the adjusting entry made by Fragmental Co. on December 31 would be: Multiple Choice A debit to Rent Revenue and a credit to Cash for $3,675. A debit to Unearned Rent and a credit to Rent Revenue for $6,125. A debit to Unearned Rent and a credit to Rent Revenue for $3,675. A debit to Cash and a credit to Rent Revenue for $9,800. A debit to Rent Revenue and a credit to Unearned Rent for $3,675.
Business
1 answer:
gayaneshka [121]3 years ago
8 0

Answer:

A debit to Unearned Rent and a credit to Rent Revenue for $3,675.

Explanation:

The year end adjusting entry is as follows

Unearned rent Dr $3,675

       To Rent earned $3,675

(Being the unearned rent is recorded)

The computation is shown below:

= Monthly rate × number of months

= $1,225 × 3 months

= $3,675

The three months is calculated from October 1 to December 31 and the same is to be considered

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The Baldwin Company currently has the following balances on their balance sheet: Total Liabilities $135,759 Common Stock $52,705
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Answer:

The correct option is the third one,$250,687

Explanation:

The key to ascertaining is accounting equation which that assets equal capital plus liabilities.

This implies that by determining the capital and liabilities,total assets sorted out.

  Common stock                                    $52,705

  *Retained earnings for the year          $62,223

Total equity and retained earnings     $114,928

total liabilities                                        $135,759

Total equity and liabilities                     $250,687

Total assets=total equity and liabilities=$250,687

Retained earnings for the year=prior year retained earnings+net profit-dividends paid

prior year retained earnings $40,723

net profit is $36,500

dividends is $15,000

*retained earnings for the year=$40,723+$36,500-$15,000=$62223

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3 years ago
A blue ocean strategy differs from a low-cost strategy in that
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The focus of a blue ocean strategy is on lowering the economic value created, whereas a cost-leader focuses on increasing the economic value created.
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Gemstone designs and creates luxury items like jewelry and hair accessories. It sells its merchandise only through Francone's, a
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The Answer is A distributor
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Kendra has a difficult project due for her chemistry class next week. What time-wasting activity should she make sure she does n
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3 0
3 years ago
On July 1, 20x1, Fox Co. purchased as a held-to-maturity investment $5,000,000 of Owl, Inc.'s 8% bonds for $4,580,000, including
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Answer:

The amount fox should report on Dec 31,20x1 = $4,556,500

Explanation:

The carrying amount of bonds = $4,580,000 - $50,000

The carrying amount of bonds = $4,530,000

Amortization of discount from july 1 to dec 31 (6 months):

Interest Revenue = $4,530,000* 10% * 6/12

Interest Revenue= $226500

Interest Receivable = $5,000,000 * 8% * 6/12

Interest Receivable = $200000

Discount amortized =Interest Revenue - Interest Receivable

Discount amortized = $226500 - $200000

Discount amortized = $26500

So:

The amount fox should report on Dec 31,20x1 = $4,530,000 + $26500

The amount fox should report on Dec 31,20x1 = $4,556,500

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