User Account

All Pages

Write the journal entry that should be recorded

Assignment Help Accounting Basics
Reference no: EM132616350

Question - After the year end, an auditor noticed that VHM Inc. accidentally recorded a rent expenditure of $55,000 as an expense instead of properly recording it as a prepaid. The expenditure was made on the last day of the fiscal period, May 31, 2016. Write the journal entry that should be recorded to correct the prepaid rent account. Assume the tax rate is 31%.

Reference no: EM132616350

Questions Cloud

Calculate present values and advice management accordingly : Kigosho Ltd is considering to purchase a new machine.They are opting for two alternative machines X, Calculate the present values. Advice management accordingly
What is the maximum price that the share can reach : What is the maximum price that the share can reach in the market before the investor receives a margin call?
Prepare contingency planning document : Assume that you have been hired by a small veterinary practice to help them prepare a contingency planning document
How much will bond price change : Duration of 11 years with a bond price of 1000 and a yield to maturity of 4%. If the yield to maturity decreases by 1%. How much will bond price change?
Write the journal entry that should be recorded : Write the journal entry that should be recorded to correct the prepaid rent account. Assume the tax rate is 31%
What is the purpose of training needs analysis : What is the purpose of a training needs analysis (TNA)? How do you determine when needs analysis should be conducted?
Find what is total profit or loss : If you implement a covered call strategy today and the stock price decrease to $32, what is your total profit or loss (assuming you implement the strategy)
What is Meg net profit or loss this period : Question - Meg's business had the following account balances at the end of the accounting period: What is Meg's net profit (or loss) this period
Discuss the strategic planning process : Discuss the strategic planning process. Explain the basic steps in the planning process.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd