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Accounting
10.5

10.5

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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10.5
Rent was paid quarterly in advance on 1 January, April, July, and October each year. FFA/FA FINANCIAL ACCOUNTING was Until 30 June 20X3 From 1 July 20X3 $8,400 per year $12,000 per year Rent receivable Statement of financial position $9,900 $9,900 $10,200 $9,900 of $2,000 in sundry payables $1,000 in sundry payables $1,000 in sundry payables $2,000 in sundry receivables (2 marks) $60,000 per year to $72,000 per year as from 1 October 20X3. What figure should appear for rent expense in the business's statement of profit or loss and ouner comprehensive income for the year ended 31 July 20X4? $69,000 $62,000 $70,000 $63,000 C 0.6 One of the products a garage sells to motorists is diesel fuel. Diesel fuel in inventory at 1 20X7 was $12,500, and there were invoices awaited for $1,700. During the year to 31 diesel fyel invoices of $85,400 were paid, and a delivery worth $1,300 had yet to be in
Transcribed Image Text:Rent was paid quarterly in advance on 1 January, April, July, and October each year. FFA/FA FINANCIAL ACCOUNTING was Until 30 June 20X3 From 1 July 20X3 $8,400 per year $12,000 per year Rent receivable Statement of financial position $9,900 $9,900 $10,200 $9,900 of $2,000 in sundry payables $1,000 in sundry payables $1,000 in sundry payables $2,000 in sundry receivables (2 marks) $60,000 per year to $72,000 per year as from 1 October 20X3. What figure should appear for rent expense in the business's statement of profit or loss and ouner comprehensive income for the year ended 31 July 20X4? $69,000 $62,000 $70,000 $63,000 C 0.6 One of the products a garage sells to motorists is diesel fuel. Diesel fuel in inventory at 1 20X7 was $12,500, and there were invoices awaited for $1,700. During the year to 31 diesel fyel invoices of $85,400 were paid, and a delivery worth $1,300 had yet to be in
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