Quesion Prepare the following for the year ended 31 May 2021: (a) Rent received account;Utilities account.
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Quesion
Prepare the following for the year ended 31 May 2021:
(a) Rent received account;Utilities account.
Step by step
Solved in 2 steps
- Transaction 1 The 100 employees of NAM JEWELS LIMITED are each entitled to 5 working days of paid sick leave for each year. Unused sick leave may be carried forward for one calendar year. Sick leave is taken first out of the current year's entitlement and then out of any balance brought forward from the previous year (a LIFO basis). At 31 December 2019 the average unused entitlement is 2 days per employee. The entity expects, on the basis of experience that is expected to continue, that 92 employees will take no more than five days of paid sick leave in 2020 and that the remaining 8 will take an average an of six and a half days each. In December 2020 to restructure its workforce (which was immediately communicated) in such a way that all employees of the age of 55, but below the age of 60 at the reporting date, could retire immediately should they choose to do so. Employees of 60 years and older, up to 65 years at the statement of financial position date, will be forced to retire…Who among the following uses accounting information to know the possible wage increments? a. Bankers Ob. Customers O c. Employees O d. OwnersWhat is the impact of writing off a $500 account under the allowance method on Net Realizable Value?
- When a company pays its rent in advance, its balance sheet will refl ect a reduction in: A . assets and liabilitiessales tax is collected from customers and paid to the a. board of equalization b. contract documents c. net profit for the year d. current and long termFill in the blank Add up all Earned Income from all and "Wages, salaries, tips, etc.". Input all Unearned Income amounts from your Sum all Earned & Unearned Income to determine Total Income on Form 1040. then input this figure for
- This account represents the amount paid in advance for future cost of items or services. a. Revenue b. Asset c. Prepaid expense d. ExpenseA 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.
- Required: Prepare a statement of profit or loss for the year ending 31 May 2016 and a statement of financiar position as at that date.Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a wonderful piece of property for sale. He turned to Suzie and said, "I've always wanted to start a camp where families could get away and spend some quality time together. If we just had the money, I know this would be the perfect place." On November 1, 2025, Great Adventures purchased the land by issuing a $580,000, 6%, 8-year installment note to the seller. Payments of $7,622 are required at the end of each month over the life of the 8-year loan. Each monthly payment of $7,622 includes both interest expense and principal payments (i.e., reduction of the loan amount). Late that night, Tony exclaimed, "We now have land for our new camp; this has to be the best news ever!" Suzie said, "There's something else I need to tell you. I'm expecting!" Required: 1. Complete the first three rows of an…Deferred tax accounting adjustments are recorded at what point in time? a. At the end of each month b. At balance date c. As each transaction arises or is incurred d. As the cash flows from each transaction occur