During 2022, Horizon Corp. incurred utilities expenses of $72,000. • Utilities Payable at December 31, 2021 = $4,000 • Utilities Payable at December 31, 2022 = $5,500 What are the utilities expenses, utilities payable, and cash paid for utilities at the end of December 31, 2022?

During 2022, Horizon Corp. incurred utilities expenses of $72,000. • Utilities Payable at December 31, 2021 = $4,000 • Utilities Payable at December 31, 2022 = $5,500 What are the utilities expenses, utilities payable, and cash paid for utilities at the end of December 31, 2022?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter10: Property, Plant And Equipment: Acquisition And Subsequent Investments

Section: Chapter Questions

Problem 8MC

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Question

Can you please solve this general accounting question?

During 2022, Horizon Corp. incurred utilities expenses of
$72,000.
•
Utilities Payable at December 31, 2021 = $4,000
•
Utilities Payable at December 31, 2022 = $5,500
What are the utilities expenses, utilities payable, and cash
paid for utilities at the end of December 31, 2022?

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H1.
KOM pays the following insurance premiums during 2020: Auto accident and liability insurance: Paid 1/1/20 Coverage period 1/1/20—12/31/20 $3,500 Fire, storm, and other casualty insurance: Paid 4/1/20 Coverage period 4/1/20–3/31/22 $5,000 Business liability insurance (a material amount for the company): Paid 5/1/20 Coverage period 5/1/20–4/30/21 $3,000 Complete the statement below. Do not round intermediate calculations. a. If KOM uses the accrual method of accounting, the insurance expense deduction for 2020 is b. If KOM uses the cash method of accounting, the insurance expense deduction for 2020 is