On July 1, 2018, a company paid $24,000 for rent to cover the next 24 months On December 31, 2019, what adjusting entry does the company need to make for its year end financial statements a Debit Prepaid Rent $6,000 Credit Cash $6,000 b Debit Prepaid Rent $18,000 Credit Rent Expense $18,000 c Debit Rent Expense $18,000 Credit Prepaid Rent $18,000 d Debit Rent Expense $6,000 Credit Prepaid Rent $6,000 e Debit Rent Expense $12,000 Credit Prepaid Rent $12,000 A company has the following at the end of the year Book valueFair valueEstimated Cash Flows Equipment$35,000$28,000$30,000 Building$68,000$65,000$70,000 Patent$30,000$32,000$34,000 What amount of loss should be recorded due to asset impairments a $10,000 b $7,000 c $9,000 d $6,000 e $8,000 A company purchased equipment for $80,000 on January 1, 2015 The equipment is expected to have a ten year life, with a residual value of $8,000 at the end of ten years Using the straight line method, depreciation expense for 2016 would be a $7,200 b $16,000 c $12,000 d $14,400 e $8,000 A company has two active lawsuits at the end of the year In Lawsuit 1, the company feels it is probable that it will win $10,000 In Lawsuit 2, the company feels that it is probable that it will lose $6,000 At the end of the year, the company should report a a Contingent loss for $6,000 b Net contingent gain for $4,000 c Net contingent loss for $4,000 d Contingent gain for $10,000 A company shipped the wrong shade of paint to a customer The customer agreed to keep the paint upon being offered a 15 price reduction The price reduction is an example of a a Trade discount b Sales allowance c Sales return d Sales discount e Sales revenue The practice of using the lower of cost or market value to evaluate inventory reflects which of the following accounting principles a Conservatism b Matching principle c Revenue recognition d Historical cost e Materiality if you could please post your work reasoning, that'd be great thank you

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On July 1, 2018, a company paid $24,000 for rent to cover the next 24 months. On December 31, 2019, what adjusting entry does the

On July 1, 2018, a company paid $24,000 for rent to cover the next 24 months. On December 31, 2019, what adjusting entry does the company need to make for its year-end financial statements?

	a.	Debit Prepaid Rent $6,000; Credit Cash $6,000
	b.	Debit Prepaid Rent $18,000; Credit Rent Expense $18,000
	c.	Debit Rent Expense $18,000; Credit Prepaid Rent $18,000
	d.	Debit Rent Expense $6,000; Credit Prepaid Rent $6,000
	e.	Debit Rent Expense $12,000; Credit Prepaid Rent $12,000

A company has the following at the end of the year:

Book valueFair valueEstimated Cash Flows

Equipment$35,000$28,000$30,000

Building$68,000$65,000$70,000

Patent$30,000$32,000$34,000

What amount of loss should be recorded due to asset impairments?

	a.	$10,000
	b.	$7,000.
	c.	$9,000.
	d.	$6,000.
	e.	$8,000.

A company purchased equipment for $80,000 on January 1, 2015. The equipment is expected to have a ten-year life, with a residual value of $8,000 at the end of ten years. Using the straight-line method, depreciation expense for 2016 would be:

	a.	$7,200
	b.	$16,000
	c.	$12,000
	d.	$14,400
	e.	$8,000

A company has two active lawsuits at the end of the year. In Lawsuit 1, the company feels it is probable that it will win $10,000. In Lawsuit 2, the company feels that it is probable that it will lose $6,000. At the end of the year, the company should report a:

	a.	Contingent loss for $6,000.
	b.	Net contingent gain for $4,000.
	c.	Net contingent loss for $4,000.
	d.	Contingent gain for $10,000.

A company shipped the wrong shade of paint to a customer. The customer agreed to keep the paint upon being offered a 15% price reduction. The price reduction is an example of a: