An entity received cash of P24,000 on August 1 for one-year's rent in advance and recorded the transaction on that day as a credit to unearned rent revenue for the full amount. The December 31 adjusting entry is: a. Rent revenue 10,000 Unearned rent revenue 10,000 b. Unearned rent revenue 24,000 Rent revenue 24,000 C. Rent revenue 14,000 Unearned rent revenue 14,000 d. Unearned rent revenue 10,000 Rent revenue 10,000

Q: Explain materiality , happens and why these are important? Explain with the help of example.

A: Materiality refers to the concept of determining whether a particular item, transaction, or…

Q: The controller should be a member of the top management staff. Do you agree or disagree? Explain.

A: Top management: The top management of the business implies to the higher level of staff which…

Q: Explain about the Black–Scholes model.

A: Black Scholes option pricing model is probably the most commonly used option pricing model in…

Q: What would be the equasion for solving this

A: Formula for calculating yearly payment: Yearly payment=(Loan amount * Rate%)1-1(1+Rate%)n

Q: What is the actual formula used to get this answer?

A: Present value of annuity Annuity is a series of equal payments at equal interval over a specified…

Q: What are ESOPs? What are some of their advantages anddisadvantages?

A: ESOP: Employee stock ownership plan is retirement plans for employees of the company wherein the…

Q: Explain FLSA and its purpose.

A: FLSA stands for fair Labor Standards Act. It is an act that aims at protecting the interest of…

Q: What is GAAP and how does it work

A: The accounting is based on various principles that are defined by GAAP or IFRS.

Q: Explain subsequent events and why these are important? Explain with the help of example.

A: Subsequent events refer to events or transactions that occur after the balance sheet date but before…

Q: Describe the fundamentals of Replacement-Analysis?

A: Replacement analysis is the process where it is determined whether it would be beneficial to replace…

Q: Can you explain DCF model?

A: Introduction Discounted cash flows: DCF is abbreviated as discounted cash flows. The concept of…

Q: What is the objective of having a conceptual framework?

A: Conceptual framework means set of rules and guidelines that help the users and preparers in…

Q: What is the Baumol model, and how is it used?

A: The Baumol model, also known as the Baumol-Allais-Tobin (BAT) model, is a cash management model. In…

Q: What is counterbalancing?

A: Errors: The comparability and consistency of the financial statements decreases when a company…

Q: Explain Replacement-Analysis Fundamentals?

A: Replacement-analysis fundamentalUnder this, the decision regarding the replacement of obsolete as…

Q: Where did you find the formlulas for this solution?

A: Here,CurrentDividend is $1.50Stock Price is $9.50 per ShareGrowth rate is 3%Cost of Loan is…

Q: Define the term lnvesting activities? Explain with an example?

A: Investing activities are the activities in a business which involves investment done during a…

Q: 1. What is a case and how to defining the Case and Creating Problem Statements? 2. What is…

A: A case, in the context of academic and professional fields, is a detailed narrative that presents a…