10.4 Jelly Co has sublet part of its offices and in the year ended 30 November 20X3 the rent receivable was:Until 30 June 20X3$8,400 per year$12,000 per yearFrom 1 July 20X3Rent was paid quarterly in advance on 1 January, April, July, and October each year.What amounts should appear in Jelly Co's financial statements for the vear ended 30 November 20X3?Rent receivableStatement of financial position$2,000 in sundry payables$1,000 in sundry payables$1,000 in sundry payables$2,000 in sundry receivablesA $9,900$9,900B$10,200$9,900C

Financial Statement:- These are statements prepared at the end of the financial year to know the…

Answered: 10.4 Jelly Co has sublet part of its…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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Chapter12: Current Liabilities

Section: Chapter Questions

Problem 16Q: Jain Enterprises honors a short-term note payable. Principal on the note is $425,000, with an annual...

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Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Rent for the 3 months totals S3,600. On December 31, 2019, Hurd will report Prepaid Rent of: a. $0 b. $1,200 c. $2,400 d. $3,600
Cee Co.s fiscal year begins April 1. At the beginning of its fiscal year, Cee Co. estimates that it will owe 17,400 in property taxes for the year. On June 1, its property taxes are assessed at 17,000, which it pays immediately. Prepare the related journal entries for April 1, May 1, and June 1. Then compute the monthly property tax expense that Cee Co. would record during June through March.
Scrimiger Paints wants to upgrade its machinery and on September 20 takes out a loan from the bank in the amount of $500,000. The terms of the loan are 2.9% annual interest rate and payable in 8 months. Interest is due in equal payments each month. Compute the interest expense due each month. Show the journal entry to recognize the interest payment on October 20, and the entry for payment of the short-term note and final interest payment on May 20. Round to the nearest cent if required.
10.4 Jelly Co has sublet part of its offices and in the year ended 30 November 20X3 the rent receivable was. Until 30 June 20X3 From 1 July 2OX3 $8,400 per year $12,000 per year Rent was paid quarterly in advance on 1 January, April, July, and October each year. What amounts should appear in Jelly Co's financial statements for the year ended 30 November 20X3 Rent receivable Statement of financial position A $9,900 $9,900 $10,200 $9,900 $2,000 in sundry payables $1,000 in sundry payables $1,000 in sundry payables $2,000 in sundry receivables C D
10.1 Mega Co receives rent for subletting part of its office block. Rent, receivable quarterly in advance, is received as follows: Date of receipt Period covered 24 1 October 20X1 3 months to 3 months to 31 December 20X1 7,500 7,500 9,000 9,000 9,000 30 December 20X1 31 March 20X2 4 April 20X2 1 July 20X2 1 October 20X2 3 months to 30 June 20X2 3 months to 30 September 20X2 31 December 20X2 3 months to What figures, based on these receipts, should appear in Mega Co's financial statements for the year ended 30 November 20X2? Statement of profit or loss Statement of financial position Rent in arrears (DEBIT) $3,000 Rent received in advance (CREDIT) $6,000 $34,000 DEBIT $34,500 CREDIT $34,000 CREDIT $34,000 CREDIT C Rent received in advance (CREDIT) $3,000 Rent in arrears (DEBIT) $3,000
On June 8, Alton Co. issued an $77,100, 7%, 120-day note payable to Seller Co. Assume that the fiscal year of Seller Co. ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Seller in the following year? When required, round your answer to the nearest dollar. $450 $1,469 $900 $5,397
On June 1, Davis Inc. issued an $76,100, 12%, 120-day note payable to Garcia Company Assume that the fiscal year of Garcia ends June 30. Using a 360-day year in your calculations, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a.$1,522 b.$9,132 c.$761 d.$2,308
On June 1, Davis Inc. issued an $89,300, 8%, 120-day note payable to Garcia Company. Assume that the fiscal year of Garcia ends June 30. Using a 360-day year, what is the amount of interest revenue recognized by Garcia in the following year? When required, round your answer to the nearest dollar. a. $1,806 Ob. $7,144 O c. $595 Od. $1,191 B
Entity A received a 12%, ₱200,000, one-year, note receivable on October 1, 20x1. Entity A uses a calendar year period. The principal and interest on the note are due on October 1, 20x2. What is the adjusting entry to take up accrued interest income on December 31, 20x1? Entity A is renting out its building to a tenant for a monthly rent of ₱30,000. As of December 31, 20x1, the tenant has not yet paid the rent for the months of November and December. What is the adjusting entry to take up accrued rent income on December 31, 20x1? Entity A issued a 12%, ₱500,000, one-year, note payable on July 1, 20x1. The principal and interest are due on July 1, 20x2. What is the adjusting entry to take up accrued interest expense on December 31, 20x1? Entity A has equipment with a historical cost of ₱1,000,000. The equipment was estimated to have a 10-year useful life when it was acquired four years ago. What is the adjusting entry to take up the annual depreciation…
Far East Imports Inc. owes $64 000.00 to be repaid by monthly payments of $2475.00. Interest is 6.12% compounded monthly. What is the outstanding principal amount at the end of year 2? Group of answer choices 50300.5449080.1059691.8455312.87
On October 1, Black Company receives a 6% interest-bearing note from Reese Company to settle a $17,000 account receivable. The note is due in six months. At December 31, Black should record interest revenue of Oa. $252 Оь. 5255 Oc. $262 Od. $265
On September 1, Year 1, West Company borrowed $34,000 from Valley Bank. West agreed to pay interest annually at the rate of 9% per year. The note issued by West carried an 18-month term. West Company has a calendar year-end. What is the amount of interest expense that will be reported on West's income statement for Year 1? Multiple Choice O O $-0- $1,020 $306 $765

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