During 2024, TechCorp Inc. incurred rent expense of $72,000. Rent payable showed $3,000 at December 31, 2023 and $4,500 at December 31, 2024. Calculate the rent expense, rent payable, and cash paid for rent at the end of December 31, 2024.
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Accounts Receivable TurnoverThe accounts receivable turnover ratio measures…
Q: I want to this question answer general Accounting
A: Step 1: DefinitionsDirect Labor: The labor directly involved in producing a product, such as…
Q: The Yen Company has fixed costs of $750,000 and variable costs ..
A: The question requires the determination of the selling price per unit to achieve a desired target…
Q: Presented below are three models for setting GAAP. The purely political approach, where national…
A: The model that best describes standard setting in the United States is the public/private mixed…
Q: I need this question answer general accounting question
A: Step 1: Define Price-Earnings Ratio (P/E Ratio)The Price-Earnings Ratio (P/E Ratio) measures the…
Q: A fixed asset with a cost of $38, 400
A: Explanation: Gain (loss) on disposal of fixed asset can be calculated using the following…
Q: Need Answer
A: Step 1: Calculate the variable costs from the increased salesStep 2: Determine the contribution…
Q: Barretts fashions sales of $262, 000
A: Step 1: Definition of Allocated and Actual Manufacturing OverheadAllocated Manufacturing Overhead:…
Q: What is its ROE on these financial accounting question?
A: Step 1: Define Return on Equity (ROE)Return on Equity (ROE) measures a company's profitability by…
Q: financial accounting
A: Beginning Balance = $75 millionEnding Balance = $82 millionBenefits Paid = $7 millionContributions =…
Q: Financial accounting question
A: To calculate the cost of internal equity for Red River Corporation, we use the Capital Asset Pricing…
Q: Hello tutor answer me this account problem
A: Explanation of Sales:Sales represent the total revenue generated by a company from selling its goods…
Q: General ACCOUNT
A: Step 1: Understand the QuestionThe exporter offers to buy 22,300 units at a price of $19 per unit.…
Q: Accounting 56
A: The time value of money is most applicable to long-term financial decisions. This is the principle…
Q: Step by step answer
A: Explanation of Variable Costs:Variable costs are the costs that change directly with the level of…
Q: What is its net income?
A: The question requires the determination of the net income. Net income (NI), or net earnings, helps…
Q: Hi expert provide correct answer general accounting
A: Step 1: Definition of Variable CostThe Variable Cost is a cost that changes in proportion to the…
Q: A job order cost sheet includes a. the selling price of the job. b. a total when a job is completed…
A: A job order cost sheet tracks all the manufacturing costs associated with a specific job, including…
Q: Calculate the direct materials price, quantity, and spending variances?
A: Step 1: Define Variance AnalysisThe organization is able to identify the areas in which cost…
Q: Q. GENERAL ACCOUNT
A: Given DataSales Revenue: $510,000Sales Returns and Allowances: $15,000Cost of Goods Sold (COGS):…
Q: Financial accounting
A: Explanation of Contribution Margin Ratio:The Contribution Margin Ratio is the percentage of sales…
Q: I need answer
A: To calculate the variable factory overhead controllable variance, we need to compare the actual…
Q: Calculate the profit margin ratio? General accounting
A: The Profit Margin Ratio is calculated using the formula: Profit Margin Ratio=Net SalesNet…
Q: General accounting question please solve
A: Step 1: Definition of Job CostingJob Costing is a method of tracking and allocating costs to…
Q: What were the total sales for the year ?
A: Step 1: Definition of Contribution Margin and Breakeven PointThe Contribution Margin Ratio…
Q: The following data were taken from the accounts of Burnside Bedknobs, a retail business. Determine…
A: To determine the Gross Profit, we use the following formula: Gross Profit = Net Sales - Cost of…
Q: Can you solve this general accounting question?
A: Step 1: Definition of Labor Rate Variance and Labor Efficiency VarianceLabor Rate Variance measures…
Q: Calculate the profit margin ratio?
A: Step 1:Net Profit Margin Ratio is the financial ratio that measures the company's ability in…
Q: What is the answer
A: Step 1: Increase in contribution margin Increase in contribution margin = Increase in sales x (Sales…
Q: Right answer
A: Step 1:Operating leverage is a leverage ratio which is used to measure a company's ability to cover…
Q: General accounting
A: Step 1: Define Straight-Line MethodThe straight-line method is one of the methods of calculation of…
Q: provide ans. General Account
A: Definition of Gross ProfitGross Profit is the amount of revenue a company retains after deducting…
Q: What is the total amount of your capital gains on this investment?
A: To calculate the total capital gains, we need to consider both the stock price appreciation and the…
Q: Equipment $957,500
A: Explanation of Straight-Line Depreciation:Straight-line depreciation is a method used to allocate…
Q: What is the variable overhead efficiency variance?
A: To calculate the variable overhead efficiency variance, we use the following formula: Variable…
Q: Provide answer
A: Explanation of Revenues:Revenues refer to the total amount of money a company earns from its core…
Q: Whai is the answer of this financial accounting ?
A: To calculate the Return on Equity (ROE), we use the formula: ROE = (Net Income / Total Common…
Q: Calculate the interest? General accounting
A: Calculation:1.Interest charged on borrowed.Interest=Borrowed Amount×Interest…
Q: Hi expert please give me answer general accounting question
A: To calculate the rate of return, the formula is: Rate of Return = ((Ending Price - Beginning Price +…
Q: General Accounting question
A: Step 1:First calculate the earnings before interest and taxes: Times interest earned ratio =…
Q: financial accounting question
A: Step 1: Define Bond AmortizationBond Amortization refers to the process of gradually reducing the…
Q: Accounting 12
A: Step 1: Identify cash inflows (revenue received in cash) during the yearStep 2: Identify cash…
Q: None
A: To solve the problem, we use the loan payoff formula: N=log(1/(1−Pr/M)) / log(1+r) where:P=2000…
Q: i need this question answer general accounting
A: To calculate the percentage rate of return on the pension plan assets, we use the formula: Rate of…
Q: I want answer
A: Explanation of Fixed Costs:Fixed costs are expenses that do not change with the level of production…
Q: Financial Accounting
A: Step 1: Definition of Net IncomeNet income is calculated as total revenues minus total expenses. It…
Q: Cogs ? Please solve
A: Step 1: Define Gross ProfitThe trading profit of a company equals the difference between sales…
Q: Answer? ? Financial accounting question
A: Step 1: Define Retained EarningsRetained Earnings represent the portion of a company's net income…
Q: What was Profit?
A: Calculate Cost of Goods Sold (COGS):Beginning Inventory: $3,200Purchases: $14,000Ending Inventory:…
Q: Discuss the accounting treatment for business combinations.
A: Business combinations are defined as those transactions whereby entities amalgamate to form a single…
Do fast answer of this general accounting question
Step by step
Solved in 2 steps
- Victor Inc. reports a rent expense of $500,000 in its 2022 income statement. If Prepaid Rent was $80,000 at December 31, 2021, and $110,000 at December 31, 2022, what is the cash paid for rent during 2022? Need answerGeneral accountingAjam Inc. shows the following selected adjusted account balances at March 31, 2019: $ 58,000 102,000 Accounts Payable Wages Payable Accumulated Depreciation – Machinery Income Taxes Payable Note Payable, due May 15, 2021 Note Payable, due November 30, 2019 Mortgage Payable 69,000 92,000 108,000 64,000 320,000 71,000 Accounts Receivable Note: $240,000 of the mortgage payable balance is due one year beyond the balance sheet date; the remainder will be paid within the next 12 months. Required: Prepare the liability section of Ajam's March 31, 2019 balance sheet.
- Under the accrual basis rental income of EL Company for the calendar year 2020 is P600,000. Additional information regarding rental income are presented below: Unearned rental income, January 1, 2020 P50,000 Unearned rental income, December 31, 2020 75,000 Accrued rental income, January 1, 2020 30,000 Accrued rental income, December 31, 2020 40,000 Under the cash basis, how much rental income should be reported by EL Company in year 2020? Group of answer choices d. P655,000 c. P625,000 b. P615,000 a. P585,000Answer? ? Financial accounting questionUnder accrual basis, rental income of Kamahal-Mahal Company for the year 2020 is P600,000. Additional information regarding the rental income are as follows: Unearned rental income, Jan. 1, 2020- P50,000 Unearned rental income, Dec. 31, 2020- P75,000 Accrued rental income, Jan. 1, 2020- P30,000 Accrued rental income, Dec. 31, 2020 P40,000 Under cash basis, how much is the rental income should be reported in year 2020? P585,000 P615,000 P625,000 P655,000
- Ludwig Company's prepaid rent was $9,000 at December 31, 2020, and $13,000 at December 31, 2021. Ludwig reported rent expense of $19,000 on the 2021 income statement. What amount would be reported in the statement of cash flows as rent paid using the direct method? O $15,000. O $19,000. O $23,000. O None of these answer choices are correct.The following data are taken from the financial statements of Pharoah Company. 2021 2020 Accounts receivable, end of year $559,500 $ 579,000 Net credit sales 4,098,600 3,385,125 Terms for all sales are 1/10, n/60.For the year ended December 31, 2023, Bramble Ltd. reported income before income taxes of $90,000. In 2023, Bramble Ltd. paid $45,000 for rent; of this amount, $15,000 was expensed in 2023. The remaining $30,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $45,000 was deductible for tax purposes in 2023. The company paid $72,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Bramble Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $34,000, of which $26,000 was actual repairs for 2023 and the remaining $8,000 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $22,000 in 2023, only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $230,000. Capital Cost Allowance (CCA) claimed for the year was $252,000. Bramble was subject to a 20% income tax…
- For the year ended December 31, 2023, Tamarisk Ltd. reported income before income taxes of $98,000. In 2023, Tamarisk Ltd. paid $45,000 for rent; of this amount, $15,000 was expensed in 2023. The remaining $30,000 was treated as a prepaid expense for accounting purposes and would be expensed equally over the 2024-2025 period. The full $45,000 was deductible for tax purposes in 2023. The company paid $68,000 in 2023 for membership in a local golf club (which was not deductible for tax purposes). In 2023 Tamarisk Ltd. began offering a 1-year warranty on all merchandise sold. Warranty expenses for 2023 were $42,000, of which $35,000 was actual repairs for 2023 and the remaining $7,000 was estimated repairs to be completed in 2024. Meal and entertainment expenses totalled $20,000 in 2023, only half of which were deductible for income tax purposes. Depreciation expense for 2023 was $200,000. Capital Cost Allowance (CCA) claimed for the year was $223,000. Tamarisk was subject to a 20%…Flounder Associates Inc. reports the following account balances for the year ending June 30, 2025: Accounts payable Accounts receivable Cash and cash equivalents Goodwill Inventory Notes payable (due 2028) Interest payable Notes payable (due Jan. 2026) Property, plant, and equipment Accumulated depreciation Prepaid insurance Salaries and wages payable Bonds payable $24,000 36,000 17,800 130,000 82,000 104,000 4,900 12,000 540,000 107,000 10,810 13,400 300,000 Compute the company's (a) current ratio and (b) debt to assets ratio. (Round current ratio to 2 decimal places, e.g. 1.55:1 and debt to assets ratio to O decimal place, e.g. 55%.)The prepaid rent is P12,000 good for three months starting November 30, 2020. The balance sheet date is December 31, 2020. The prepayment was recorded under asset method. The correct expense for the given period would be:
