Computation of expenses on the accrual basis

Assignment Help Accounting Basics
Reference no: EM13147529

Expenses paid during 2008 were $80,000. Expenses paid in advance were $4,000 as at December 31, 2007, and the balance of expenses paid in advance was $8,000 as at December 31, 2008. Expensens accrued and still unpaid were $6,000 as at December 31, 2007, and $9,000 as at December 31, 2008. Can you show the computation of expenses on the accrual basis for the year 2008?

Reference no: EM13147529

Questions Cloud

Limits to amending a company constitution : what are the limits to amending a company constitution?
What equivalent annual interest rate is second contractor : A nominal rate of 14% should be used as the MARR. What equivalent annual interest rate is the second contractor offering? Which contractor’s offer would you accept? Repeat the analysis with the NPV technique.
What is the flow of the gulf stream in milliters per minute : what is the flow of the gulf stream in milliters per minute (b) what mass of water in the gulf stream flows past a given point in 24 hours? the density of seawater is 1.025 g/ml
R total displacement and direction for your trip : You travel at 25 miles per hour for 3.5 hours, traveling due north. Then you travel due East at 36.2 miles per hour for 0.75 hours. What is your total displacement and direction for your trip?
Computation of expenses on the accrual basis : Expensens accrued and still unpaid were $6,000 as at December 31, 2007, and $9,000 as at December 31, 2008. Can you show the computation of expenses on the accrual basis for the year 2008?
Evidence to reject hypothesis that apartments are equally : Is there evidence to reject the hypothesis that the apartments are equally distributed between 1-bedroom, 2-bedroom, and 3-bedroom apartments, at alpha = .05?
What is the expected freezing point of a solution : What is the expected freezing point of a solution of 110.5 g of H2SO4 in 225 g of water? Assume sulfuric acid completely dissociates in water.
Computation of revenue : During the year, we received $7,000 in advance of performing the services. These services will be performed next year in 2009. Can you show the computation of revenue for 2008 on cash basis?
What is the boiling point of a solution : What is the boiling point of a solution of 8.69 g of the electrolyte sodium acetate, NaCH3COO, dissolved in 15.00 g of water?

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Total capital assets in the governmental activities

Expenditures were $3,000,000 in 2006 and $2,015,000 in 2007, including a change order in the amount of $15,000. What amount should be added to net capital assets in the governmental activities accounts in 2007?

  Allowable casualty loss deduction

In 2010, Grant's personal residence was damaged by fire. Grant was insured for 90% of his actual loss, and he received the insurance settlement. Grant had adjusted gross income, before considering the casualty item, of $30,000. Pertinent data with..

  Comprehensive annual financial report briefing

Prepare an overview of government accounting for a business person, using the State of Georgia as an example. Describe the entity and evaluate the Management Discussion & Analysis (MD&A) section.

  Present value of down payments-lotteries and leases

Using a present value table, calculator, or a computer program present value function, calculate the present value for the following: (Use appropriate factor(s) from the tables provided.)

  What would the stock price be just after the dividend shares

The company also declared and paid a 10% stock dividend on its common shares. When the stock dividend was declared, 1 million common shares were outstanding, and the market price of common stock was $135 per share.

  Allocate the costs and advise

Please allocate the costs and advise, what is the taxable income for year 1 and 2, noting there are no other expenses outside the allocation of costs.

  Important risks for audit of acquisition

What are the most important risks for the audit of the acquisition and payment cycles in the automotive industry?

  Describes themanner in which barnum company will report

On December 1, 2011, Barnum Company (a U.S. -based on company) entered into a three-month forward contract to purchase 1,000,000 ringgits on March 1, 2012. The following U.S. dollar per ringgit exchange rates apply.

  Amount of the return on plan

During the year 3, Gruber paid out $20,000 in benefits and continued to contribute $70,000 to the plan. The plan assets had a fair market value of $377,000. What was the amount of the return on plan assets in year 3?

  What is the estimated warranty liability

In 2009, Slimon Corporation began selling a new line of products that carries a two-year warranty against defects. Based upon past experience with other products, the estimated warranty costs related to dollar sales are as follows:

  Indirect costs allocation to the consumer department

Management estimates that it costs $500 to analyze and close a commerical loan. This amount has been included in the $250,000 of inderict costs. How much of the $250,000 indirect costs should be allocated to the Consumer Department?

  Determine the amount of impairment loss

Estimated of total cash inflows (not discounted) from selling products made in California. $30,000,000. The fair value of the California plant is estimated to be $24,000,000. Determine the amount of impairment loss, if any.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd