Compute for the Accrual advertising expense in 2018
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Compute for the Accrual advertising expense in 2018
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- Joseph Bright lists the following transactions for the period ended 30 September 2017. Classify EACH item as follows: i. Write either capital or revenue in the expenditure type column to indicate the type of expenditure involved or EACH item. ii. Insert a-check mark (√) in the appropriate column to indicate whether the item is reported-in the Statement of profit or loss or in the Statement of financial position. The first one is done as an example. Description CLASSIFICATION OF EXPENDITURE Expenditure Type Statement where item should be reported Statement of Profit Statement of Example Wages of the computer operators 1 Cost of customizing software for use in business 2 Installing thief detection equipment 3 Cost of paper used for printing receipts during the year 4 Cost of toner used by the computer printer 5 Cost of adding extra memory to the compute or loss Revenue financial positionQUESTION 2 The following is the Trial Balances extracted from the books of Rosemary Garden Enterprise as at 31 December 2021: Debit (RM) Credit (RM) 153,900 Capital Drawings 3,500 Sales 400,000 Purchases 250,000 Return Inwards and outwards 4,150 450 Inventory as at 1 January 2021 Delivery van at cost Office equipment at cost Accumulated depreciation at 1 January 2021 Delivery van Office equipment 65,000 20,000 36,000 4,500 10,800 Account Receivable 90,000 Account Payable 32,000 Insurance on machinery 750 Allowance for doubtful debts as at 1 January 2021 1550 Discount allowed and discount received 350 800 Stationery General expenses Rental expense 300 2,200 3,300 Interest on loan 5,600 Cash in hand 4,250 Cash at bank Carriage inwards Wages and salaries expenses 10% Long term investment 8% Loan from Tekun 9,000 1,500 16,100 162,000 70,000 674,000 TOTAL 674,000 Additional information: a) The closing inventory as at 31 December 2021 is RM 30,000. b) The amount of a debtor of RM750 is to be…In year 2022, collection of interest income is credited to Interest Expense. What is the effect of the error in year 2022 revenue and expenses? a.Revenue - understated; expenses - overstated b.Revenue - overstated; expenses - overstated c.Revenue - understated; expenses - understated d.Revenue - overstated; expenses - understated
- السؤال 17 ?On a certain long term debt, principal and interest is due for payment. This will be recorded under which one of the following type of expenditure Debt service expenditure O Capital outlay expenditure.b O Revenue expenditure CO Operating expenditure.d OExplain when EXACTLY you would prefer the previous balance method to the average daily balance including new purchase s method in determining your finance charge.In year 2022, collection of interest income is credited to Interest Expense. What is the effect of the error in year 2022 revenue and expenses? a. Revenue - understated; expenses - understated b. Revenue - overstated; expenses - overstated c. Revenue - understated; expenses - overstated d. Revenue - overstated; expenses - understated
- The adjusting entry to record the accrual of income tax expense includes a: O A. credit to Income Tax Expense. B. debit to Income Tax Payable. C. credit to Accounts Payable. D. credit to Income Tax Payable.What is the current year's accounts payable balance?This account represents the amount paid in advance for future cost of items or services. a. Revenue b. Asset c. Prepaid expense d. Expense
- How to convert and income statement's information to express the income statement in common-size percents and assess whether the comany's situation is favorable or unfavorableA revenue was earned in 2019 but payment is not received until 2020. Using the accrual basis of accounting, the revenue should appear on: A. the 2020 income statement B. the 2019 income statement C. both the 2019 and 2020 income statements D. neither the 2019 nor 2020 income statementA prior period adjustment relates to the income of pastaccounting periods. Explain how such an item is shown inthe financial statements.