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Greeley [361]
2 years ago
13

On December 1, 2021, Carlos entered into a lease on a building for use in his business for $1,000 per month. Under the lease ter

ms, Carlos pays 18 months’ rent ($18,000) in advance on December 1. How much can Carlos deduct for rent in 2021?
a. $12,000
b. $18,000
c. $1,000
d. $13,000
Business
1 answer:
kipiarov [429]2 years ago
5 0

The amount that Carlos can deduct for rent in the year 2021, based on his annual rent is <u>c.$1,000.</u>

<h3>Rent in 2021</h3>

When recording rent, you can only record it for the period that the financial statement is for.

The rent given is for 18 months from December 2021 which means that it will be for only a single month in December.

The rent will therefore be a rental amount for a month:

= Rental amount / Number of months

= $18,000 / 18

= $1,000

In conclusion, option C is correct.

Find out more on prepaid rent at brainly.com/question/1079277.

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The stockholders' equity of Oriole Company at July 31, 2021 is presented below: Common stock, par value $20, authorized 400,000
WINSTONCH [101]

Answer: $1,717,200

Explanation:

The amount of the debit to retained earnings as a result of the declaration and distribution of this stock dividend will be:

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3 0
3 years ago
To avoid channel conflict resulting from Internet selling, a company should Multiple choice question. charge prices for online d
lesya [120]

Answer:

work with dealers to design an online sales portal that benefits both partners.

Explanation:

e-commerce is a short for electronic commerce and it can be defined as a marketing strategy that deals with meeting the needs of consumers, by selling products or services to the consumers over the internet.

This ultimately implies that, e-commerce is strictly based on the buying and selling of goods or services electronically, over the internet or through a digital platform. Also, the payment for such goods or services are typically done over the internet such as online payment services.

Simply stated, e-commerce is the act of engaging in internet selling.

In order to avoid channel conflict resulting from Internet selling, a company should work with dealers to design an online sales portal that benefits both partners i.e the online portal would focus on bridging the gap between the producer (company) and the consumers, as well as balancing the demand and supply of goods and services.

6 0
3 years ago
Banks Company sold merchandise on account for $35,000 with terms 2/10, n/30. The cost of goods sold was $27,600. If the invoice
WITCHER [35]

Answer:

The amount of cash received by Banks Company is $34,300

Explanation:

The computation of the cash received by the bank company is shown below:

= Merchandise amount - discount

where,

Merchandise amount is $35,000

And, the discount equal to

= Merchandise amount × discount percentage

= $35,000 × 2%

= $700

Now put these values to the above formula  

So, the value would equal to

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= $34,300

3 0
3 years ago
Inventory records for Marvin Company revealed the following: Date Num of units unit cost Mar. 1 Beginning Inventory 1000 7.20 Ma
swat32

Answer:

Ending inventory= $5,040

Explanation:

Giving the following information:

Beginning Inventory= 1000 units for  $7.20

Mar. 10: Purchase= 600 units for $7.25

Mar. 16: Purchase= 800 units for $7.30

Mar. 23: Purchase= 600 units for  $7.35

Marvin sold 2,300 units.

Under the LIFO inventory method, the ending inventory cost is calculated using the first units incorporated to inventory.

Ending inventory in units= total units - units sold

Ending inventory in units= 3,000 - 2,300= 700 units

Ending inventory= 700*7.2= $5,040

8 0
3 years ago
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