Which one of the following is a current assets? a. Note payable in eleven months b. Estimated taxes just paid c. Loan payment due in 13 months d. Amount due from a customer in 30 days

Q: A Company paid or collected during the current year the following items: Insurance premium paid…

A: Salary expense on the income statement for the current year = Ending Salaries payable + Salary paid…

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A: Accrued income are the income that have occurred for us but yet to be payable to us. Hence, its…

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A: Calculation of rent payable expense for the year Rent payable expense = Beginning balance of Prepaid…

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A: Current Assets: The short-term assets which can be converted into cash within short period of time…

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A: Any expenses to be shown in statement of profit and loss , should be on the basis of accrual system…

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A: Accrual concept of accounting requires entities to record revenues or expenses as and when they are…

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A: “Since you have posted a question with multiple sub-parts, we will solve first three subparts for…

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A: Solution:   Adjusting entries are those entries which are made to adjust the accounts for matching…

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A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: Account balances at the end of the period:  Fees income 230k, interest income 25k, accrued income…

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A: Income received in advance Income  or portion of income received during a period but applicable to…

Q: 38

A: Unearned revenue: It is an advance made by the buyer before receiving the product or service. In…

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A: Accrued expenses are expenses related to this particular year but these are not paid yet. It means…

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A: Income statement shows the financial statement which reports the financial performance of the…

Q: 2. Theta prepares its financial statements for the year to 30 April each year. The company pays rent…

A:

Q: A company borrowed $10,000 from the bank at 5% interest. The loan has been outstanding for 45 days.…

A: Interest is a fixed charge paid by a business or an individual when they issue debt or take loans.…

Q: Paul Company has an accounting year ended on 31 October. The company pays rent on its premises…

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Q: A company pays $36,000 for twelve months' rent on October 1, recording the prepayment as an asset.…

A: One month rent = $36,000 / 12 months = $3,000

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A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

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Q: Rent paid on 1 October 20X2 for the year to 30 September 20X3 was $1,200, and rent paid on 1 October…

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A: Current assets - Assets which are convertible into cash within a period of one year. Long-term…

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Q: The balance in the prepaid rent account before adjustment at the end of the year is $12,840, which…

A: Prepaid rent = $ 12840 Rent period = 12 Months Rent per month = 12840/12 = $ 1070

Q: At the end of the current year, the prepaid insurance account showed a debit the balance of ₱5,000;…

A: Insurance expense = Beginning prepaid insurance balance + insurance premiums paid - Ending prepaid…

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A: Your journal entries may not be visible if you use accounting software or outsource your accounting,…

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Q: A business compiling its accounts for the year to 31 January each year pays rent quarterly in…

A: Rent for the first five months (i.e. Feb to Jun) will be computed assuming rent for the year is…