Homework Answers
As per accrual concept of accounting, expenses must be recorded in the year in which it is incurred.
Accounting concept suggests that we should follow accrual concept so that all expenses related to the year are recored in the same year and not when it is paid. This helps us to ensure accuracy in the ascertainment of profit of the business.
Hence, rent paid in advance for the same year should be recorded fully in that year since it relates to the same.
Therefore, amount of $ 7,200 should be reported in the income statement of Jason Company.
Add Answer to:
Jason Company paid $7,200 for one year's rent in advance beginning on October 1. Year 1....
15 Jason Company paid $5,400 for one year's rent in advance beginning on October 1, Year...
15 Jason Company paid $5,400 for one year's rent in advance beginning on October 1, Year 1. Jason's Year 1 income statement would report rent expense, and its statement of cash flows would report cash outflow for rent, respectively, of
Jason Company paid $4,500 for one year's rent in advance beginning on October 1, Year 1....
Jason Company paid $4,500 for one year's rent in advance beginning on October 1, Year 1. Jason's Year 1 income statement would report rent expense, and its statement of cash flows would report cash outfiow for rent, respectively, of Multiple Choice $1125: $4.500 $1125: $1125 $4 500: $4,500 $750; $4.500
9. Jason Company paid $7200 for one year's rent in advance beginning on October 1, Year...
9. Jason Company paid $7200 for one year's rent in advance beginning on October 1, Year 1. Jason's Year 1 income statement would report rent expense, and its statement of cash flows would report cash outflow for rent, respectively, of A) $7200; $7200 B) $1800; $1800 C) $1800; $7200 D) $1200; $7200
Ruiz Saved Help Save & Exit Subr Jason Company paid $4,500 for one year's rent in...
Ruiz Saved Help Save & Exit Subr Jason Company paid $4,500 for one year's rent in advance beginning on October 1. Year 1. Jason's Year 1 income statement would report rent expense, and its statement of cash flows would report cash outflow for rent, respectively, of Multiple Choice $4,500: $4,500 $1,125: $1,125 $1,125, $4,500 $750; $4,500
On September 1, Hames Enterprises prepaid SI8,000 for six months' rent. The rental period begins on...
On September 1, Hames Enterprises prepaid SI8,000 for six months' rent. The rental period begins on September 1. Barnes adjust the accounts only. December 31 the end of this fiscal year Prepare the journal entry for September and the adjusting entry for December 31. Omit explanations Date Accounts Debit Credit Edit Insert Format Tools Table 12pt Paragraph B Ι Ο Α by Tv V $ Date Accounts Debit Credit I
Sheldon Company began Year 1 with $1,200 in its supplies account. During the year, the company...
Sheldon Company began Year 1 with $1,200 in its supplies account. During the year, the company purchased $3,400 of supplies on account. The company paid $3,000 on accounts payable by year end. At the end of Year 1, Sheldon counted $1.400 of supplies on hand. Sheldon's financial statements for Year 1 would show: Edit Insert Format Tools Table 12pt Paragraph Β Ι Ο Α 2ν τον 1
02 Jeson Company paid $4.B00 for one year's r and its statement of cash fows would...
02 Jeson Company paid $4.B00 for one year's r and its statement of cash fows would report cash outfiow for rent, respectively, of ent in advance beginning on October 1, Year t Jason's Year 1 income statement would report rent expense, 4800 S4800 1200 51200 1200 54.800 3 5 7 8 9 0
02 Jeson Company paid $4.B00 for one year's r and its statement of cash fows would...
02 Jeson Company paid $4.B00 for one year's r and its statement of cash fows would report cash outfiow for rent, respectively, of ent in advance beginning on October 1, Year t Jason's Year 1 income statement would report rent expense, 4800 S4800 1200 51200 1200 54.800 3 5 7 8 9 0
During 2020, Mavs Inc, earned a net income of $1,000,000. They paid a dividend of $50,000...
During 2020, Mavs Inc, earned a net income of $1,000,000. They paid a dividend of $50,000 to their preferred stockholders and $100,000 to their common stockholders. They had 50,000 preferred shares outstanding and 25,000 common shares outstanding for the year. Calculate Earnings per Share for 2020. If they had paid no dividends to their common stock, what would be the EPS then? 7 pts Edit Insert Format Tools Table 12pt Paragraph Β Ι Ο Α ν 2 T²voor IM ***
Question 25 Nelson Company experienced the following transactions during Year 1, its first year in operation....
Question 25 Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Issued $12,000 of common stock to stockholders. 2. Provided $4,600 of services on account. 3. Paid $3,200 cash for operating expenses. 4. Collected $3,800 of cash from accounts receivable. 5. Paid a $200 cash dividend to stockholders. The amount of net income recognized on Nelson Company's Year 1 income statement is: Edit Insert Format Tools Table в I o Ауду т?у ? 12pt...
15 Jason Company paid $5,400 for one year's rent in advance beginning on October 1, Year 1. Jason's Year 1 income statement would report rent expense, and its statement of cash flows would report cash outflow for rent, respectively, of
Jason Company paid $4,500 for one year's rent in advance beginning on October 1, Year 1. Jason's Year 1 income statement would report rent expense, and its statement of cash flows would report cash outfiow for rent, respectively, of Multiple Choice $1125: $4.500 $1125: $1125 $4 500: $4,500 $750; $4.500
9. Jason Company paid $7200 for one year's rent in advance beginning on October 1, Year 1. Jason's Year 1 income statement would report rent expense, and its statement of cash flows would report cash outflow for rent, respectively, of A) $7200; $7200 B) $1800; $1800 C) $1800; $7200 D) $1200; $7200
Ruiz Saved Help Save & Exit Subr Jason Company paid $4,500 for one year's rent in advance beginning on October 1. Year 1. Jason's Year 1 income statement would report rent expense, and its statement of cash flows would report cash outflow for rent, respectively, of Multiple Choice $4,500: $4,500 $1,125: $1,125 $1,125, $4,500 $750; $4,500
On September 1, Hames Enterprises prepaid SI8,000 for six months' rent. The rental period begins on September 1. Barnes adjust the accounts only. December 31 the end of this fiscal year Prepare the journal entry for September and the adjusting entry for December 31. Omit explanations Date Accounts Debit Credit Edit Insert Format Tools Table 12pt Paragraph B Ι Ο Α by Tv V $ Date Accounts Debit Credit I
Sheldon Company began Year 1 with $1,200 in its supplies account. During the year, the company purchased $3,400 of supplies on account. The company paid $3,000 on accounts payable by year end. At the end of Year 1, Sheldon counted $1.400 of supplies on hand. Sheldon's financial statements for Year 1 would show: Edit Insert Format Tools Table 12pt Paragraph Β Ι Ο Α 2ν τον 1
02 Jeson Company paid $4.B00 for one year's r and its statement of cash fows would report cash outfiow for rent, respectively, of ent in advance beginning on October 1, Year t Jason's Year 1 income statement would report rent expense, 4800 S4800 1200 51200 1200 54.800 3 5 7 8 9 0
02 Jeson Company paid $4.B00 for one year's r and its statement of cash fows would report cash outfiow for rent, respectively, of ent in advance beginning on October 1, Year t Jason's Year 1 income statement would report rent expense, 4800 S4800 1200 51200 1200 54.800 3 5 7 8 9 0
During 2020, Mavs Inc, earned a net income of $1,000,000. They paid a dividend of $50,000 to their preferred stockholders and $100,000 to their common stockholders. They had 50,000 preferred shares outstanding and 25,000 common shares outstanding for the year. Calculate Earnings per Share for 2020. If they had paid no dividends to their common stock, what would be the EPS then? 7 pts Edit Insert Format Tools Table 12pt Paragraph Β Ι Ο Α ν 2 T²voor IM ***
Question 25 Nelson Company experienced the following transactions during Year 1, its first year in operation. 1. Issued $12,000 of common stock to stockholders. 2. Provided $4,600 of services on account. 3. Paid $3,200 cash for operating expenses. 4. Collected $3,800 of cash from accounts receivable. 5. Paid a $200 cash dividend to stockholders. The amount of net income recognized on Nelson Company's Year 1 income statement is: Edit Insert Format Tools Table в I o Ауду т?у ? 12pt...
Most questions answered within 3 hours.
-
The tires of a car make 61 revolutions as the car reduces its
speed uniformly from...
asked 9 minutes ago -
Peabody, Inc., sells fireworks. The company’s marketing director
developed the following cost of goods sold budget...
asked 13 minutes ago -
A signal transduction pathway includes the steps listed
below.
1. An inactive signal transduction molecule is...
asked 12 minutes ago -
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 18 minutes ago -
The following data relate to direct materials costs for
November:
Actual costs
4,700 pounds at $5.35...
asked 17 minutes ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 41 minutes ago -
Which of the following is a measure of profitability?
A.
Quick (acid-test) ratio
B.
Net sales...
asked 43 minutes ago -
Find the total pressure exerted by 2 grams of ethane and 3 grams
of CO2 contained...
asked 45 minutes ago -
A fireman standing on a 5.2 m high ladder operates a water hose
with a round...
asked 41 minutes ago -
A cream formulation is studied for accelerated stability study.
Creaming was observed when formulation was tested...
asked 44 minutes ago -
A 1,150 lumen light bulb is placed 37 cm in front of a mirrored
wall, whose...
asked 54 minutes ago -
Given that z is a standard normal random variable, compute the
following probabilities (to 4 decimals)....
asked 1 hour ago