Give an example of the asset that includes the accrued revenues.

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Answer 1

Question

Chapter 3, Problem 3IE

a.

To determine

Give an example of the asset that includes the accrued revenues.

b.

To determine

Give an example of the asset that includes the amount that is paid earlier but not expensed.

c.

To determine

Give an example of the asset that includes the depreciation.

d.

To determine

Indicate the amount that is reported during the recent year, identify whether the adjusting entry is required if so explain the reason.

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Students have asked these similar questions

Suppose you take out a five-year car loan for $14000, paying an annual interest rate of 4%. You make monthly payments of $258 for this loan. Complete the table below as you pay off the loan. Months Amount still owed 4% Interest on amount still owed (Remember to divide by 12 for monthly interest) Amount of monthly payment that goes toward paying off the loan (after paying interest) 0 14000 1 2 3 + LO 5 6 7 8 9 10 10 11 12 What is the total amount paid in interest over this first year of the loan?

Suppose you take out a five-year car loan for $12000, paying an annual interest rate of 3%. You make monthly payments of $216 for this loan. mocars Getting started (month 0): Here is how the process works. When you buy the car, right at month 0, you owe the full $12000. Applying the 3% interest to this (3% is "3 per $100" or "0.03 per $1"), you would owe 0.03*$12000 = $360 for the year. Since this is a monthly loan, we divide this by 12 to find the interest payment of $30 for the month. You pay $216 for the month, so $30 of your payment goes toward interest (and is never seen again...), and (216-30) = $186 pays down your loan. (Month 1): You just paid down $186 off your loan, so you now owe $11814 for the car. Using a similar process, you would owe 0.03* $11814 = $354.42 for the year, so (dividing by 12), you owe $29.54 in interest for the month. This means that of your $216 monthly payment, $29.54 goes toward interest and $186.46 pays down your loan. The values from above are included…

Suppose you have an investment account that earns an annual 9% interest rate, compounded monthly. It took $500 to open the account, so your opening balance is $500. You choose to make fixed monthly payments of $230 to the account each month. Complete the table below to track your savings growth. Months Amount in account (Principal) 9% Interest gained (Remember to divide by 12 for monthly interest) Monthly Payment 1 2 3 $500 $230 $230 $230 $230 + $230 $230 10 6 $230 $230 8 9 $230 $230 10 $230 11 $230 12 What is the total amount gained in interest over this first year of this investment plan?

Answer 2

Question

Chapter 3, Problem 3IE

a.

To determine

Give an example of the asset that includes the accrued revenues.

b.

To determine

Give an example of the asset that includes the amount that is paid earlier but not expensed.

c.

To determine

Give an example of the asset that includes the depreciation.

d.

To determine

Indicate the amount that is reported during the recent year, identify whether the adjusting entry is required if so explain the reason.

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Answer 3

Question

Chapter 3, Problem 3IE

a.

To determine

Give an example of the asset that includes the accrued revenues.

b.

To determine

Give an example of the asset that includes the amount that is paid earlier but not expensed.

c.

To determine

Give an example of the asset that includes the depreciation.

d.

To determine

Indicate the amount that is reported during the recent year, identify whether the adjusting entry is required if so explain the reason.

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Answer 4

Question

Chapter 3, Problem 3IE

a.

To determine

Give an example of the asset that includes the accrued revenues.

b.

To determine

Give an example of the asset that includes the amount that is paid earlier but not expensed.

c.

To determine

Give an example of the asset that includes the depreciation.

d.

To determine

Indicate the amount that is reported during the recent year, identify whether the adjusting entry is required if so explain the reason.

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Answer 5

Chapter 3, Problem 3IE

a.

To determine

Give an example of the asset that includes the accrued revenues.

b.

To determine

Give an example of the asset that includes the amount that is paid earlier but not expensed.

c.

To determine

Give an example of the asset that includes the depreciation.

d.

To determine

Indicate the amount that is reported during the recent year, identify whether the adjusting entry is required if so explain the reason.

Answer 6

Chapter 3, Problem 3IE

a.

To determine

Give an example of the asset that includes the accrued revenues.

Answer 7

Chapter 3, Problem 3IE

a.

To determine

Give an example of the asset that includes the accrued revenues.

Answer 8

b.

To determine

Give an example of the asset that includes the amount that is paid earlier but not expensed.

Answer 9

b.

To determine

Give an example of the asset that includes the amount that is paid earlier but not expensed.

Answer 10

c.

To determine

Give an example of the asset that includes the depreciation.

Answer 11

c.

To determine

Give an example of the asset that includes the depreciation.

Answer 12

d.

To determine

Indicate the amount that is reported during the recent year, identify whether the adjusting entry is required if so explain the reason.

Answer 13

d.

To determine

Indicate the amount that is reported during the recent year, identify whether the adjusting entry is required if so explain the reason.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 3 - Prob. 1YT Ch. 3 - Prob. 2YT Ch. 3 - Prob. 3YT Ch. 3 - Prob. 4YT Ch. 3 - Prob. 5YT Ch. 3 - Prob. 6YT Ch. 3 - Prob. 7YT Ch. 3 - How does accrual basis accounting differ from cash...Ch. 3 - Prob. 2Q Ch. 3 - Prob. 3Q

Give an example of the asset that includes the accrued revenues.

Solution Summary: The author enumerates the assets that include accrued revenues, prepaid expenses, depreciation, and long-term assets.

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Give an example of the asset that includes the accrued revenues.

Give an example of the asset that includes the amount that is paid earlier but not expensed.

Give an example of the asset that includes the depreciation.

Indicate the amount that is reported during the recent year, identify whether the adjusting entry is required if so explain the reason.

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