Is rent expense a asset and why give an example please
Is rent expense a asset and why give an example please
Homework Answers
Answer:
Rent expense is not an asset, as it is an amount that has been paid or incurred for the purpose of having used an asset belonging to another for a particular period of time. The benefit has already been received for which the expense is recognized.
For an amount to be recognized as an asset, it should represent the value of benefits that would be received in future.
Example of a rent expense:
Rent payable on a monthly basis for rented office accomodation.
4. Why are revenue and expense accounts called temporary or nominal accounts? 1. Give an example...
4. Why are revenue and expense accounts called temporary or nominal accounts? 1. Give an example of a transaction that results in: (a) A decrease in an asset and a decrease in a liability. (b) A decrease in one asset and an increase in another asset. (c) A decrease in one liability and an increase in another liability.
Give an example of a real account. Give an example of a nominal account. Why are...
Give an example of a real account. Give an example of a nominal account. Why are balance sheet accounts considered real and permanent? Why are income statement accounts considered nominal and temporary? Which account are dividends closed into? How would the proceeds received from the advance sale of nonrefundable tickets for a theatrical performance be reported in the seller’s financial statements before the performance? A. Revenue for the entire proceeds. B. Revenue to the extent of related costs expended. C....
Mathematics - Coding Theory Please give an example (or say why the example can not exist)...
Mathematics - Coding Theory
Please give an example (or say why the example can not exist) of
a code
in
which contains a codeword of odd weight.
Please explain why you say this.
The trivial code and the repetition code does not
count!
C = (x + 1)(x)) R4
Give an example of an industry that would be characterized by. A high asset turnover and...
Give an example of an industry that would be characterized by. A high asset turnover and a low profit margin. and A low asset turnover and a high profit margin.
Which of the following is TRUE regarding the accounts prepaid rent and rent expense? A.Prepaid rent...
Which of the following is TRUE regarding the accounts prepaid rent and rent expense? A.Prepaid rent represents the cost of rent not yet paid for, while rent expense represents the cost of rent which has been paid for. B.TThese account titles both mean the same thing and are used interchangeably. C.Prepaid rent represents the cost of rent paid for but not yet used, while rent expense represents the cost of rent used to deliver goods or services to customers. D.Rent...
Please give an example of the plant asset your business owns. Choose the MOST appropriate depreciation...
Please give an example of the plant asset your business owns. Choose the MOST appropriate depreciation method from the three different depreciation methods for plant assets: 1. Straight-line method; 2. Units-of-production method; and 3. Double-declining-balance method. (You just need to use ONE method), and calculate the depreciation for Year 1. For example. I have a truck that I use to deliver catering. Please follow my example, and write down all these 3 steps. Thank you! Step 1: Truck Step 2:...
PLEASE EXPLAIN!!!! will give good rating!!!! i already know the answer is D, but why? why...
PLEASE EXPLAIN!!!! will give good rating!!!! i already know the
answer is D, but why? why wouldnt it be:
DR rent expense
CR cash
thank you :)
Daucu We Dan Udance. C) added to the book balance. D) subtracted from the book balance. 31) On December 1, 2018 Starbucks paid rent for 40 of its stores in Arizona. The payment covers 6 months of rent from January 1, 2019 through June 30, 2019 and it is determined that Starbucks is...
extra explanation on point two please Give an example journal entry for each of the following...
extra explanation on point two please
Give an example journal entry for each of the following transactions recorded in proper general journal form, including the AT, AI,Lt,LT, OEJOEf arrows. Cash purchase of a long-term asset that includes an asset retirement obligation, One self-constructed asset that will not be completed by the end of the year which includes at least 2 expenditures during the fiscal year, One impairment of existing goodwill or another long-term asset that is held and used, Depreciation...
Can you all give me an example of a good organizational alliance. Please explain why you...
Can you all give me an example of a good organizational alliance. Please explain why you think the collaboration is good?
Why assess skin? Give an example.
Why assess skin? Give an example.
4. Why are revenue and expense accounts called temporary or nominal accounts? 1. Give an example of a transaction that results in: (a) A decrease in an asset and a decrease in a liability. (b) A decrease in one asset and an increase in another asset. (c) A decrease in one liability and an increase in another liability.
Mathematics - Coding Theory
Please give an example (or say why the example can not exist) of
a code
in
which contains a codeword of odd weight.
Please explain why you say this.
The trivial code and the repetition code does not
count!
C = (x + 1)(x)) R4
PLEASE EXPLAIN!!!! will give good rating!!!! i already know the
answer is D, but why? why wouldnt it be:
DR rent expense
CR cash
thank you :)
Daucu We Dan Udance. C) added to the book balance. D) subtracted from the book balance. 31) On December 1, 2018 Starbucks paid rent for 40 of its stores in Arizona. The payment covers 6 months of rent from January 1, 2019 through June 30, 2019 and it is determined that Starbucks is...
extra explanation on point two please
Give an example journal entry for each of the following transactions recorded in proper general journal form, including the AT, AI,Lt,LT, OEJOEf arrows. Cash purchase of a long-term asset that includes an asset retirement obligation, One self-constructed asset that will not be completed by the end of the year which includes at least 2 expenditures during the fiscal year, One impairment of existing goodwill or another long-term asset that is held and used, Depreciation...
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