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What type of account is prepaid rent, and what is its normal balance? a. it is an asset account and has a debit balance. b. it is an expense account and has a debit balance. c. it is a liability account and has a credit balance. d.

Prepare the journal entries for Mayhem Manufacturing: June 10 Incurred organization costs totaling $7,500 June 14 Issued 10,000 shares of $11 par value common stock for $120,000 June 22 Issued 3,000 shares of 7%, $30 par value preferred stock for

On July 1, Year 1, Danzer Industries Inc. issued $40,000,000 of 10-year, 7% bonds at a market (effective) interest rate of 8%, receiving cash of $37,282,062. Interest on the bonds is payable semiannually on December 31 and June 30.

Which of the following statements is true of a bond that is issued at a discount? A) At maturity, the bond will repay an amount that is less than the face value. B) The bond will be issued for an amount less than the face value.

Naomi Fisher, a sales manager at Pure, a water purifier company, had a new member, Leah Marshall, join her team. Though during Leah's interview, Naomi felt she would be a productive sales executive, her performance has often been below the mark.

Pat, a world famous musician and composer, agrees to give ten piano lessons to Quinn in exchange for $1,000. Pat's attempt to delegate his contract to Ruth, an inexperienced pianist, will probably be:

Private equity firms, such as Blackstone and Kohlberg Kravis Roberts & Co., search for firms where the managers appear not to be maximizing profits.

When the price of chai tea lattés is $5, maxine buys 20 per month. when the price is $4, she buys 30 per month. maxine's demand for chai tea lattés is a. inelastic, and her demand curve would be relatively steep. b.

Andrew initially worked with a travel website for few months and then became self-employed by starting a martial arts school, where he taught karate to teenagers. After an year, he closed the school and joined an advertising firm.

Ben learns that the company was going to be laying off several employees over the next several months. He knew that the rumor mill was going to start, and he wanted to head off mis-information and get ahead of the curve.