Construction Accounting And Financial Management (4th Edition)
4th Edition
ISBN: 9780135232873
Author: Steven J. Peterson MBA PE
Publisher: PEARSON
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Chapter 3, Problem 16P
Using the chart of accounts in Figure 2-1, determine the changes to the
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Problem: On the first day of the current period, rent for four periods was paid and recorded as a $3,200 increase (debit) to prepaid rent and a $3,200 decrease (credit) to cash.
Question: I need to know amounts for noncash asset, earned capital, expenses and net income.
On December 1, 2019, an advance rent payment of $14,400, representing a three-month prepayment for the months of December,
January, and February, was received in cash from the company's tenant.
Required:
Complete the below table Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial
statement effect.)
Use the horizontal model to record the effects of the following items:
a. The three months of rent collected in advance on December 1, 2019.
Balance Sheet
Liabilities
Assets
Stockholders Equity
Net income
Cash
14.400
S
b. The adjustment that will be made at the end of each month to show the amount of rent "earned" during the month.
Balance Sheet
Liabilities
Stockholders' Equity
Assets
Net income
Income Statement
Revenues
Income Statement
Revenues
Expenses
Expenses
Check my w
Chapter 3 Solutions
Construction Accounting And Financial Management (4th Edition)
Ch. 3 - How do the relationships between the balance...Ch. 3 - Which of the transactions from this chapter result...Ch. 3 - Prob. 3DQCh. 3 - Which of the transactions from this chapter result...Ch. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - The following invoices are being entered into the...Ch. 3 - Prob. 9PCh. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...
Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...Ch. 3 - Using the chart of accounts in Figure 2-1,...
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- Please Correct answerarrow_forwardOn November 1, 2022, an advance rent payment of $15,000, representing a six-month prepayment (for the rental period beginning on that date) was received in cash from the company's tenant. Required: Use the horizontal model (or write the journal entries) to record the effects of the following items: a). The six months of rent collected in advance on November 1, 2022. b). The adjustment that will be made at the end of each month to show the amount of rent "earned" during the month.arrow_forwardCould you please help me solving this question? Pleasearrow_forward
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- help me answer no. 3 and 4arrow_forwardPrepaid rent, representing rent for the next six months' occupancy, would be reported on the tenant's balance sheet as a(n)arrow_forwardConey Island enters into a lease agreement for a new ride. The lease payments have a present value of $2 million. Prior to this agreement, the company’s total assets are $25 million and its total liabilities are $15 million.Required: 1. Calculate total stockholders’ equity prior to the lease agreement. 2. Prior to the lease being signed, calculate the debt to equity ratio. 3. Immediately after the lease being signed, calculate the debt to equity ratio. 4. Does the direction of the change in the debt to equity ratio typically indicate that the company has higher leverage risk?arrow_forward
- Please do not give image formaTarrow_forward2. An interest computed on the maturity value of the loan and is deducted from that amount at loan date to determine the net amount to be received by the borrower. a. Proceeds b. Bank discount c. Principal d. Interest rate 3. Used to find the number of days as numerator to determine the time by assuming that each months has 30 days. Actual time a. b. Approximate time C. Time concept d. Loan time Troy borrowed Php271,050 at simple interest of 12.21% for 2 years. Compute for the interest and maturity value of the loan. 4. Interest a. 33,590.50 b. 66,160.14 c. 33,095.05 d. 66,190.41 5. Maturity value a. 337,240.41 b. 304,640.50 C. 337,210.14 d. 304,145.05arrow_forwardIn cell D7, enter a formula without using a function that multiples the Monthly_Payment (cell D6) by the Term_in_Months (cell D5) and then subtracts the Loan_Amount (cell B8) from the result to determine the total interest. In cell D8, enter a formula without using a function that adds the Price (cell B6) to the Total_Interest (cell D7) to determine the total cost.arrow_forward
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