Answer:
Revenue - March = $160
Explanation:
The accrual principle in accounting states that the revenues for a period should match the expenses for that particular period and any revenue or expense should be recorded in the period to which it relates to. This means that the upfront fee received by Fit Co. is a liability and should not be recorded as a revenue until it is earned. So, by providing two sessions in the month of March, Fit Co. has earned revenue for 2 sessions out of the twelve. Thus, at the end of March, Fit Co. should record a revenue of,
Revenue - march = 960 * 2/12 = $160
They’re focusing on the energetic drink called “ Neon Bolt”
Answer:
Land 112,980
Explanation:
The driveway and parking lot are not part of the land. That is a decision of the company and will be applied on a diferent account, Parking lot
All the other cost are required to acquire the land and leave the land ready to use.
The salvage for the demolition decrease the cost for the land.
Purchase 84,500
demolition 9,100
salvaged materials (1,880)
atorney's fee 1,380
broker's fee 4,980
architect's fee 14,900
Total 112,980
Answer:
The amount of rent expense that will be reported on the Year 1 income statement is $1,800
.
The cash outflow for rent that would be reported on the Year 1 statement of cash flows is $5,400.
Explanation:
Though the amount paid was paid on October 1, Year 1 it will only be expensed from October to December for year 1.
The duration of the payment is 12 months, hence
Monthly amortization = $7,200/12 = $600
Rent expense for year 1 = $600 × 3 = $1,800
The ending balance in the prepaid rent account will be
= $7,200 - $1,800
= $5,400
This will be the cash outflow for rent that would be reported on the Year 1 statement of cash flows.
Answer:
Juanita's trainning dilema:
B:People face trade-offs
Icestorm:
A:Markets allocate goods effectively.
Explanation:
Any hour on swimming trainning is one less for bike or running.
Also an hour runnings is one less for swimming or running
an bike hours negate the change for swimming or running.
This is the concept of opportunity cost. chose something is also chose not to do anything else.
When there is need of a certain good, batteries in this case, the market (which is the sum of all people willing to do business) will allocate resource when needed. As the demand for batteries and flashlights increased, the stores chose to purchase these instead of other to replenish the stock and make a stand to the increased demand.
