Analysis of the rental agreement showed

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Reference no: EM133378893

Question:

Depreciation on the company's equipment for the year is computed to be $12,000.
The Prepaid Insurance account had a $8,000 debit balance at December 31 before adjusting for the costs of any expired coverage. An analysis of the company's insurance policies showed that $520 of unexpired insurance coverage remains.
The Supplies account had a $240 debit balance at the beginning of the year, and $2,680 of supplies were purchased during the year. The December 31 physical count showed $283 of supplies available.
One-third of the work related to $15,000 of cash received in advance was performed this period.
The Prepaid Rent account had a $5,200 debit balance at December 31 before adjusting for the costs of expired prepaid rent. An analysis of the rental agreement showed that $4,680 of prepaid rent had expired.
Wage expenses of $5,000 have been incurred but are not paid as of December 31.

Reference no: EM133378893

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