The rent quartely on 1 January ,1 april,1 july and 1 October. the annual rent has been 24000 for some years but it was increased to 30000 from 1 july 20x5. what amount for rent should appear in the company's financial statement for the year ended 31 January 20x6

The rent quartely on 1 January ,1 april,1 july and 1 October. the annual rent has been 24000 for some years but it was increased to 30000 from 1 july 20x5. what amount for rent should appear in the company's financial statement for the year ended 31 January 20x6

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Mar. Purchased merchandise on account from Kirkwood Co., $372,000, terms n/30. 31 Issued a 30-day,…

A: 1) Journal Entry Date Particulars Debit Credit Mar 1 Inventory 372,000 Accounts…

Q: A company has sublet part of its offices and in the year ended 30 November 20X3 the rent receivable…

A: The rent receivable until 30 June 20X3 is $8,400 per year. However, the financial year ends on 30…

Q: On September 1, 2021, Fantastic Company leased furniture and fixtures from Gorgeous Company under a…

A: The net income is calculated as difference between revenue and expenses of the current period.

Q: REQUIRED Record the adjustment journal entry in respect of rent income in the books of NT Stores as…

Q: closing is july 10. the lender uses a 360 day year for interest proration and payments are due on…

A: In this problem we need to calculate the interest for days only on given amount.

Q: On January 1, Newman Company estimated its property tax to be $3,120 for the year. a. How much…

A: The property taxes are taxes paid by the land owner to the local authorities or government. The…

Q: company owes a $49,000 on a Notes Payable, Interest is accrued monthly at an annual rate of 11%.…

A: Notes payable are a promissory note and a negotiable instrument. In this one party agree to pay a…

Q: on 1 may 20x0, A pays a rent bill of 1800 for the period of 30 April. what is the charge to the…

A: In this scenario, A pays a rent bill of $1800 on 1st May 20X0 for the period of 30th April. We need…

Q: Please answer in good accounting form Thankyou 4. How much should be reported as rent expense in…

A: Rent expense: It implies to the expense that is incurred by the tenant for taking a rental room from…

Q: What figures, based on these receipts, should appear in Mega Co's financial statements for the year…

A: A financial year is a period of 12 months used by businesses to record the profit or losses and…

Q: A company borrowed 20.000 TL from the bank signing a 9%, 3-month note on September 1. Principal and…

A: >The adjusting entries are made at the end of period to provide for correct balances for various…

Q: Kutz Rentals rents equipment to Loomis on February 1. Lease terms require Loomis to make payments to…

A: Kurtz should recognise revenue for 2 months, that is for November and December months, as per…

Q: 10.4 Jelly Co has sublet part of its offices and in the year ended 30 November 20X3 the rent…

A: Rent Receivables:- These are the current assets of the company that appear in the Balance sheet and…

Q: On January 1 of this year, Diorite borrows $100,000 with a 5%, 9-month loan. Interest is due at…

A: Journal entries means the book of prime entry incuding debit and credit item. Adjusting entry means…

Q: Al-Ahmadi Co. signed a three-month, 9%, note payable in the amount of OMR75,000 on Dec 1. The note…

A: Formula: Interest amount = Principal amount x interest rate. Multiplying interest rate with…

Q: Please give answer

A: Step 1: Introduction to the Notes payableNotes payable are the sources of raising finance for the…

Q: On November 1, 2022, Gordon Company collected $9,660 in cash from its tenant as an advance rent…

A: Adjusting Entries are the entries that make the accrual principle work for the organization. These…

Q: Mutiple choice: A hospitality company is the maker of an $18,000 note to be paid in quarterly…

A: Long term liabilities are liabilities which are expected to be paid off in the longer duration,…

Q: On September 30, Year 1, Royal Flush Pluming, Inc., issued a $10,000, 6%, 5-month note. For the year…

A: Interest Expense: An interest expense is the expense which is incurred by a company, business or…

Q: On October 1, Goodwell Company rented warehouse space to a tenant for $1,600 per month and received…

A: The Unearned revenue is the revenue received but not earned yet. It is a current liability for the…

Q: Carry out the adjustment journal entries on 31 December 20X1 (accounting year 01.01-31.12) of the…

Q: On 1.7.2019 XY company received rental revenue in advance from customer of OMR 3600 for two years.…

A: Journal entry is the process of recording the business transactions in the books of accounts for the…

Q: A business sublets part of its office accommodation. The rent is received quarterly in advance on 1…

A: The company can record a business transaction using journal entries. for example cash sale…

Q: Paul Company has an accounting year ended on 31 October. The company pays rent on its premises…

A: The profit and loss of the financial statement which discuss the financial profits or losses of the…

Q: The t/p bill for this month was 200, the company will pay it next month what is the journal entry…

A: The business transactions are recorded in the form of journal entries and when the transactions take…

Q: On 01.012022 the company agrees with the tenant to leave the lease before the end date 31.12.2025.…

A: The company was in contract with the tenant for the accomodation but as company wanted…

Q: what to do in income statement when rent income was in increased by 10% on 1 February 2021.the rent…

A: Income statement is one of the financial statements, which report income, expenditures, profits or…

Q: On July 1, Mitchell Company receives 20 months of rent in advance, $41,360. Mitchell Company's…

A: July 1 to December 31 = 6 months Total rent paid in advance = $41,360

Q: On July 1, Orcas Lab issued a $320,000, 12%, 8-month note. Interest is payable at maturity. What is…

A: To calculate the amount of interest expense for the year-end adjusting entries, we need to determine…

Q: krug company collected $16800 in rent in advance on november 1, debiting cash and crediting unearned…

A: Unearned revenue:- Unearned revenue is the money that has been received by a person or business…

Q: Use the information for the next two (2) questions. Bold Company estimated annual warranty expense…

A: Lets understand the basics. Warranty expense is an expense which are incurred to meet the warranty…

Q: what is the due date for a loan dated Nov 7 for 120 days?

A: Due date is the date on which the loan will mature. Loan is taken on November 7 for 120 days.

Q: Chris Phillip financial year end is December 31 each year. The following information and…

A: Kindly refer explanation section for detailed answer. Explanation:Prepaid Rent and Adjustment :…

Q: Bruce Wayne borrowed $14 300.00 for investment purposes on May 19, on a demand note providing for a…

A: Interest calculation May 19-June 28 Number of days = 41 First interest payment =…

Q: Assume all rent revenues are received in advance and accounted for as unearned rent. Beginning and…

A: A rent collection service is responsible for collecting and pursuing rent from tenants. These…

Q: Campbell Inc. accepted a customer's $80,000 zero-interest-bearing six-month note payable in a sales…

A: Interest Revenue is the amount of interest earned on interest-bearing assets during the period. It…

Q: Little Company provides its employees with varying amounts of vacation per year, depending on the…

A: Introduction: Adjusting entries are created to accurately allocate revenue and expenses to each…

Q: Hall Company sells merchandise with a one-year warranty. In the current year, sales consisted of…

A: Introduction: An income statement is a critical financial record for every company. It illustrates…

Question

AI-Generated Solution

AI-generated content may present inaccurate or offensive content that does not represent bartleby’s views.

Unlock instant AI solutions

Tap the button
to generate a solution

Click the button to generate
a solution

SEE SOLUTION

Similar questions

10.5
Little Company provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation cost is $153,600. The amount of the adjusting journal entry required on December 31, the end of the current year, for the current month's accrued vacation pay is a. $76,800. b. $12,800. c. $0. d. $153,600.
On January 1, Lessor Company signed a 1-year rental with quarterly payments of P100,000 due at the end of each quarter. In addition, the lessee must pay contingent rent of 5% of all sales in excess of P10,000,000. The contingent rent is paid in one payment on December 31. The same lessee has used the building for the past 5 years, and in each of those years the lessee reached the contingent rent threshold of P10,000,000 in sales. Sales of the lessee for the first two quarters are as follows: Quarter ended Amount March 31 P3,200,000 June 30 3,000,000 What amount of rent income should be reflected in Lessor's quarterly income statement for the three months ended June 30?
On the 1.7.2019 XY company received rental revenue in advance from customers of OMR 2400 for two years. in the journal entry, the credit side is: Select one: a. None of These b. Prepaid rent 2400 c. unearned revenue 2400 d. Accrued rent 2400.
Unearned rent has a credit balance of P240,000 composed of the following: January 1 balance of P45,000 representing advance rent for four months, January to April. A credit of P195,000 representing advance rental payment for twelve(12) months beginning May 1. The December 31 adjusting entry will require a debit to Unearned Rent and a credit to Rent Revenue of: P175,000 P45,000 P240,000 P191,250
On October 1, Vista View Company rented warehouse space to a tenant for $2,100 per month and received $10,500 for five months' rent in advance on that date, with the lease beginning immediately. The cash receipt was credited to the Unearned Rent account. The company's annual accounting perlod ends on December 31. The Unearned Rent account balance at the end of December, after adjustment, should be: Multiple Choice $10,500. $6,300. $2,100. $8,400. $4,200. MacBook Air
Williams business pays rent quarterly in advance. The business year-end is 31 December 2020 and the trial balance at that date shows a figure for rent of £2,150 before any adjustments. On 1 December 2020, Williams had paid in advance rent of £570 for the period December 2020 - February 2021. The accounts for the year ended 31 December 2020 should show the following:
Lachgar Industries warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $210,000 for June. In July, a customer received warranty repairs requiring $140 of parts and $95 of labor. a. Journalize the adjusting entry required at June 30, the end of the first month of the current fiscal year, to record the accrued product warranty. b. Journalize the entry to record the warranty work provided in July.
On April 12 Hong co. agrees to accept a 60 day, 6% 6,900 note from indigo co to extend the due date on an overdue account. What is the journal entry the indigo co would make when it record payment of note on maturity date (use 360 days a year)
On July 1, Orcas Lab issued a $200,000, 7%, 8-month note. Interest is payable at maturity. What is the amount of interest expense that should be recorded in a year-end adjusting entry if the fiscal year-end is (a) December 31? (b) September 30?
On June 1, ACME Incorporated borrows $75,000 on a six-month, 4% note. Interest and principal are to be paid at maturity. Adjusting entries are prepared annually on the June 30 year end. Required: 1. Prepare the journal entry on issuance date. 2. Prepare the year end adjusting journal entry. 3. Prepare the journal entry at maturity date. BIU A Paragraph GENERAL JOURNAL Hº OREDIT