Answered: What are the amounts included in…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter3: Review Of A Company's Accounting System

Section: Chapter Questions

Problem 5RE: Garcia Company rents out a portion of its building to Jerry Company for 1,000 per month. On August...

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Patience pays subscription to a business trade association annually in advance. The subscription is due 30 September every year, to cover I year running from the 1 October. Patience’s accounting years runs from 28 February.

The subscription paid in September 2010 and 2011 are as follows:

2010 £644

2011 £ 796

What are the amounts included in prepayment s for these expenses as at 28 February 2011 and 2012?

	a.	2011-£268, 2012 -£332
	b.	2011-£376, 2012 -£464
	c.	2011-£376, 2012 -£332
	d.	2011-£268, 2012 -£464

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