Business, 18.02.2020 02:29 Piglets1228
At the end of the fiscal year, the usual adjusting entry to update Prepaid Rent for the portion of the benefit that was used up / expired was accidentally omitted. Which of the following statements is true?
a. total assets at the end of the year will be understated.
b. insurance expense will be overstated
c. stockholders' equity at the end of the year will be understated.
d. net income for the year will be overstated.
Answers: 1
Business, 22.06.2019 12:30
Suppose a holiday inn hotel has annual fixed costs applicable to its rooms of $1.2 million for its 300-room hotel, average daily room rents of $50, and average variable costs of $10 for each room rented. it operates 365 days per year. the amount of operating income on rooms, assuming an occupancy* rate of 80% for the year, that will be generated for the entire year is *occupancy = % of rooms rented
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Business, 22.06.2019 23:00
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At the end of the fiscal year, the usual adjusting entry to update Prepaid Rent for the portion of t...
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