Which of these accounts is never closed?A. Prepaid RentB. Income SummaryC. Rent RevenueD. Rent Expense
Q: Assume the following data pertaining to Franchise agreement between Franchisor Mayang and Franchisee...
A: Solution Notes receivable is an account on the balance sheet usually under the current asset section...
Q: The following are selected items derived from Dibb Company’s adjusted trial balance on December 31, ...
A: Income statement is one of the financial statement which shows all incomes and all expenses of the b...
Q: The Bountiful Company was organized on January 3, 2022 with a share capital fully paid up of P 10,00...
A: Solution Cost of sales is the accumulated Total of all costs used to create a product or service , w...
Q: Wattan Company reports beginning inventory of 25 units at $39 each. Every week for four weeks it pur...
A: Cost of goods available for sales means costs of those units which can be sold to the outside custom...
Q: August 1 of the current year, there are 4,000 units at P15 each of merchandise inventory. During Au...
A: Under periodic weighted average inventory system we need to calculate weighed average cost per unit ...
Q: January 3 Purchased equipment for $55000, paying S45000 in cash and signing a 10000, 4-month, 10% no...
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal....
Q: If current assets are $100,000 and current liabilities are $42,000, what is the working capital?A. 2...
A: Working capital is the amount of capital or money needed for day to day operations of the business. ...
Q: Comprehensive Problem Poco Lo, Co.'s 2020 balance sheet and 2021 common-size income statement follow...
A:
Q: What is the amount of income tax payable for 2019?
A: Income tax is a form of direct tax which is to be paid by the individual on income earned during the...
Q: Assigning indirect costs to specific jobs is completed by which of the following?A. applying the cos...
A: Indirect costs are those costs and expenses which are not directly related with production or sale o...
Q: What is the amount of actuarial gain or loss that will be taken to other comprehensive income? if ga...
A: Calculation of Actuarial Gain. Plan Assets 1/1/2020 4600000 Add: Interest (4600000x10%) 460000 ...
Q: The following is taken from Jeddah Company's records for the current year: Direct materials used ...
A: Inventoriable cost under variable costing = Cost of Direct materials used + Direct labor + Variable ...
Q: Oriole Company, a major retailer of bicycles and accessories, operates several stores and is a publi...
A: All operations that are not investing or financing are included in the cash flow from operating acti...
Q: Below are the transactions that Jenny Trading Sdn Bhd (JTSB) incurred during the month of July 2020....
A: The answer is given below. Explanation:
Q: I need help with just 4a please thank you.
A: The Company generally differentiate the different type of costs in order to control and track those ...
Q: cost and hol
A: Economic order quantity refers to the ideal quantity that a company is required to order for reducin...
Q: rticulars Product X Product Y Total product Units produced per annum Material cost pe
A: 1) Calculation of production cost unit of Product "X" and Product "Y" - Particulars Cost driver ...
Q: The following information relates to the defined benefit pension plan of ABC Company for the year en...
A: Particulars Debit (P) Particulars Credit (P) Beginning balance 9,500,000 Actuarial loss 120,000 ...
Q: ASSETS 2010 2009 LIABILITIES AND EQUITY 2010 2009 Cash and equivalents Short-term investments $ 10 S...
A: Note:- Since you have posted a question with multiple sub-parts, we will solve the first three sub-p...
Q: A$560000 bond was retired at 98 when the carrying value of the bond was $550000. The entry to record...
A: The loss or gain on redemption is based on the carrying value and book value of the bond. If the car...
Q: Sutton Company purchased 10% of the outstanding stock of Roberts Company on January 1, 2012. Robert...
A: In this question, we have to report event by using cost method
Q: A business purchased a new car at the start of October for $16,800 cash. The car has a useful life o...
A: Introduction: Depreciation: Decreasing value of fixed assets over its useful life period called as d...
Q: It says the answer is complete but not correct . Can you tell me the right answers
A: Firstly you have totaled cost of goods sold and the inventory in 26 January row. The total shouldn't...
Q: Lore Inc has finished a new virtual reality game, Sailor's Revenge. Management is now considering it...
A: Income statement is the summary showing net and gross gains and losses by deducting the costs from ...
Q: Which set of accounts has the same type of normal balance?A. Cash, accounts payableB. Prepaid rent, ...
A: There are two sides of account used in accounting. One is debit side and other is credit side.
Q: Additional information: The selling and administration expenses were $1,000 in the January. Income...
A: Inventory- The term inventory refers to the raw resources used in manufacture as well as the commodi...
Q: 2.00% 1.00% 1.00% Income Before Income Tax Tax Expense (50%) Net Income Additional Information for t...
A: Free Cash Flow - The formula for Calculation - Cash Flow from Operating Activities - Capital Expend...
Q: Vaughn Corporation’s comparative balance sheets are presented below. VAUGHN CORPORATION Comparat...
A: The question is based on the concept of Cash flow statement.
Q: Tonelife Music sells musical instruments. The following data relates to Tonelifets inventory of guit...
A: The question is based on the concept of Financial Accounting.
Q: eed help with this one please thank you
A: In this question, we have to calculate different rates .
Q: In compliance with labor code prevailing in the country, ABC Company grants 10 days of sick leave an...
A: Employees eligible vacation in 2020 Employee benefit cost for vacation Eligible sick leave i...
Q: A car dealer acquires a used car for $16,000, with terms FOB shipping point. Compute total inventory...
A: Advertising, Sales staff salaries and trimming shrubs are the indirect cost that should not form par...
Q: Lavage Rapide is a Canadian company that owns and operates a large automat provides estimates concer...
A: Answer) Lavage Rapide Planning Budget For the Month Ended August 31 Number of cars t...
Q: Vulcan Flyovers offers scenic overflights of Mount Saint HeleHs, lne concerning the company's operat...
A: Solution: Vulcan Flyovers Flexible Budget Performance Report For the month ended July 31 Pa...
Q: At the beginning of the current year, David and Garrett formed the DG Partnership by transferring ca...
A: No gain or loss is recognized by either the partner of the partnership when a property is contribute...
Q: On November 5, 2008, a Breakthrough Company truck was in an accident with an auto driven by McAllen....
A: Provision means amount that is put aside from profit for future probable loss and expenses. Provisi...
Q: Apple Inc. iPod Division has the following information: Sales $6,000,000 Variable costs 3,000,000 Fi...
A: Fixed costs are those cost which are to be incurred irrespective whether there is production or not....
Q: CP Company produces various animal feeds in 50-kg bag. Each batch has a total of 4,000 kilograms of ...
A: Defective
Q: Oriole Company, a major retailer of bicycles and accessories, operates several stores and is a publi...
A: A cash flow statement refers to the financial statement prepared in order to summarize the cash tran...
Q: What is the number of shares outstanding?
A: Answer - c.44,000
Q: On August 1, 2010, a company issues bonds with a par value of $600,000. The bonds mature in 10 years...
A: Interest payable on bond is $600000 × 6% × 5/12 = $ 15000 The amortization...
Q: how do compensation plans, including bonus structures, drive behavior?
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any ...
Q: A lessor with a sales-type lease involving an unguaranteed residual value at the end of the lease te...
A: At the inception of a Sale Type Lease, Present Value of all the Future Cash Flows including unguaran...
Q: The XYZ partnership incurs $23,000 of organization costs during 2020. The partnership started operat...
A: Since full month of amortisation is to be followed, thus it shall be treated as the organization cos...
Q: ers Its eal bo tons
A: Given: company sold=500,000 customer redeemed=220,000 boxtops receiving=55,000bowls
Q: On December 31, 2020, Sack Port Ventures Inc. borrowed $103,000 by signing a four-year, 8.0% install...
A: The note payable is liability for the business. The amount on note payable due in one year is record...
Q: Trey Monson starts a merchandising business on December 1 and enters into the following three invent...
A: Solution Concept FIFO method means the method of inventory in which the goods purchased first is sol...
Q: Kent contributed $50,000 in exchange for a 40% interest in a partnership at the beginning of the yea...
A: Partner's capital is acknowledged as the resources invested by the partners into the partnership fir...
Q: Benny, Jenny and Kenny are partners in trading business. They participate in the profits and losses ...
A: Liquidation in the partnership accounting is refers to the closing the partnership firm and distribu...
Q: Direct Materials Beginning balance $5,000 Ending balance 16,000 Purchases 55,000 Direct materials us...
A: Formula: Direct materials used = Beginning balance of Direct materials + Purchases - Ending balances...
Which of these accounts is never closed?
A. Prepaid Rent
B. Income Summary
C. Rent Revenue
D. Rent Expense
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- What is an account receivable? O a. Sales O b. Asset Oc. Income O d. CreditorsWhich of these accounts is never closed? Group of answer choices Prepaid Rent Income Summary Rent Revenue Rent Expensewhich is NOT a temporary account: Interest expense Inventory Interest income Sale returns & allowances Rent income
- Which of the following accounts is considered a permanent or real account?A. Interest RevenueB. Prepaid InsuranceC. Insurance ExpenseD. Supplies ExpenseWhich of these accounts is never closed? Prepaid Rent Income Summary Rent Revenue Rent ExpenseDefine the followings? a. Real Account. b. Temporary Account.
- Determine if this shall result in recognition of liabilities 9. receipt of goods to be sold for the account of consignor a. yes b. noWhich of the following items is not a specific account in acompany’s accounting records?a. Accounts Receivableb. Net Incomec. Sales Revenued. Unearned RevenueWhat is rent receivables listed as
- Which account is least likely to be debited when revenueis recorded?a. Accounts Payableb. Accounts Receivablec. Cashd. Unearned RevenueReceivable Fees Earned Rent Expense Telenhona ExnenseWhich of the following is not an example of an asset? Group of answer choices Supplies. Accounts receivable. Prepaid Insurance. Deferred revenues.