What total figures should included in company statement

Assignment Help Accounting Basics
Reference no: EM132028413

Question - At 31 December 20X5 the following require inclusion in a company's financial statements:

(1) On 1 January 20X5 the company made a loan of $12,000 to an employee, repayable on 1 January 20X6, charging interest at 2% per year. On the due date she repaid the loan and paid the whole of the interest due on the loan to that date.

(2) The company paid an annual insurance premium of $9,000 in 20X5, covering the year ending 31 August 20X6.

(3) In January 20X6 the company received rent from a tenant of $4,000 covering the six months to 31 December 20X5.

For these items, what total figures should be included in the company's statement of financial position as at 31 December 20X5?

Reference no: EM132028413

Questions Cloud

Competitive strategy choices in strategic compensation : When looking at competitive strategy choices in strategic compensation what's a company that uses a lowest cost strategy and one that uses a differentiation
Proposing a approach to management about increasing : An example of proposing a approach to management about increasing the based pay. Just examples on how to figure out the best way to explain
What would the net profit be after adjusting for this error : A company's income statement for the year ended 31 December 20X5 showed a net profit of $83,600. What would the net profit be after adjusting for this error
Liability on the pharmaceutical industry in general : 1. Evaluate the impact of business tort liability on the pharmaceutical industry in general.­­­
What total figures should included in company statement : For these items, what total figures should be included in the company's statement of financial position as at 31 December 20X5
Why was affirmative action created : Why was affirmative action created and put in place and to this day is it still needed as well as the Title VII of the Civil Rights Act?
Classes of employees protected by the title vii of civil : What are the classes of employees protected by the Title VII of the Civil Rights Act?
Four outcomes of kirkpatrick framework : The four outcomes of Kirkpatrick's framework are reactions, learning, behavior, and results. Of these four, which is the most important, and why?
What is the estimated variable cost per machine hour : What is the a) estimated variable cost per machine hour and what is the b) estimated TOTAL fixed cost

Reviews

Write a Review

 

Accounting Basics Questions & Answers

  Explore how many shares of common stock are outstanding

Explore how many shares of common stock are outstanding? Assuming there is a stated value, what is the stated value of the common stock?

  Is the related lease finance or operating lease

If he sells the pubs abd then leases them back would you expect Lion Nathan to change how it accounts for the depreciation of he building?

  Effect of financing on earnings per share

Effect of Financing on Earnings Per Share- Under each of the following plans, the securities will be issued at their par or face amount, and the income tax rate is estimated at 40% of income.

  Would you recommend the acceptance of the given proposal

Would you recommend the acceptance of this proposal? Why or why not? Prepare a short, double-spaced paper in MS Wordelaborating on and supporting your answer.

  Determine the earnings per share on common stock

Determine the earnings per share on common stock, assuming that the income before bond interest and income tax is.

  At the time of the transfer to monica the fair market value

as part of the divorce agreement hale transfers his ownership interest in their personal residence to monica. the house

  Lunn company makes and sells lawn mowers for which it

lunn company makes and sells lawn mowers for which it currently makes the engines. it has an opportunity to purchase

  Hedricks corporation is considering issuing a convertible

hedricks corporation is considering issuing a convertible bond. discuss the advantages of a convertible bond from the

  Goldberg corp is thinking about opening a soccer camp in

goldberg corp. is thinking about opening a soccer camp in southern california. to start the camp goldberg would need to

  How much liability for outstanding premiums should be record

If the bowls cost Milner Company $2.50 each, how much liability for outstanding premiums should be recorded at the end of 2008

  Explain what is meant by beta

Explain what is meant by beta. What type of risk does beta measure? What is the market return? How is the interpretation of beta related to the market return?

  Property taxes for consolidated school district

Ford county lieves for its general fund $2,000,000 in property taxes. In addition, the county is responsible for collecting $4,000,000 in property taxes for the consolidated school district and $1,000,000 in property taxes for a town within the co..

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