Long, Inc uses the accrual basis of accounting. Long's rent expense account had a balance of $18,000 at the end of the year. The prepaid rent account had a balance of $5,000 at the beginning of the year and a balance of $9,000 at the end of the year. How much cash was paid for rent during the year?
A) $ 5,000
B) $9,000
C) $18,000
D) $22,000
D
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Weimar Corporation is conducting a time-driven activity-based costing study in its Order Fulfillment Department. The company has provided the following data to aid in that study:Weimar CorporationOrder Fulfillment DepartmentData InputsResource Data: Number of employees 13 Average salary per employee$36,720 Weeks of employment per year 50 Minutes available per week (40 hours × 60 minutes) 2,400 Practical capacity percentage 85%?Activity Data:Processing OrdersPreparing DeliveriesHandling ReturnsMinutes per unit of the activity162844?Cost Object Data:All CustomersNumber of orders processed21,750Number of deliveries prepared11,130Number of returns handled410?On the Capacity Analysis report in time-driven activity-based costing, the "unused capacity in number of employees"
would be closest to: A. 6.36 employees B. (6.64)employees C. 6.64 employees D. 13.00 employees
If the purchase of machinery is treated incorrectly as a revenue expenditure, what will be the effect on net income and total assets in the year of purchase and in the following year, and why?
Which budget is the first one that must be done in the master budgeting process and why?
To avoid the time-consuming process of taking an inventory each year, most companies use the gross profit method to estimate ending inventory.
Answer the following statement true (T) or false (F)