User Account

All Pages

How to identify the accrued expenses

Assignment Help Accounting Basics
Reference no: EM132608037

Question (a) M May owns a small textile business. Her financial year ended on 31 December 2019. Before preparing the financial statements at year end, M May noted the following items for adjustments.

Required:

Write up the ledger accounts for the items below including the balance transferred to the necessary part of the financial statements, also showing the balances carried down to 2020.

(i) Travelling expenses: Paid for the year to 31 December 2019 RM480; Owing at 31 December 2018 RM42; Owing at 31 December 2019 RM70.

(ii) Stationery expenses: Paid for the year to 31 December 2019 RM250; Owing as at 31 December 2018 RM70; Owing as at 31 December 2019 RM105.

(iii) Electricity & Water bills: Paid in the year to 31 December 2019 RM1,000; Bills owing at 31 December 2018 RM230; Bills paid in advance at 31December 2019 RM380.

Question (b) How to identify the accrued expenses?

Question (c) Explain how the prepayments in the business transactions works.

Reference no: EM132608037

Questions Cloud

Record of reflections about your own experiences : The journal is a record of reflections about your own experiences, attitudes, opinions, and feelings in relation to the material
What is nock cash conversion cycle in days : Accounts Receivable $128, an Average Sales per Day of $15, and a Days Payable Outstanding of 3. What is Nock's Cash Conversion Cycle in days?
Description of considerations with financing option : Give a short description of considerations with each financing option (debt vs. equity). Which would you chose and why?
What is the gross profit : Question - Guten Morgen Cereals Inc had sales of $500,202. Cost of goods sold was $143,004. What is the gross profit
How to identify the accrued expenses : Paid for the year to 31 December 2019 RM480, Explain how the prepayments in the business transactions works. How to identify the accrued expenses?
List three classical derivative sauces : 1- List three classical derivative sauces, and their main ingredients, which can be madefrom demi-glace?
Evaluate how the risk could best be mitigated : Your initial discussion thread is due and you have to respond to your classmates. Your grade will reflect both the quality of your initial post and the depth.
What is the amount of dividend : The common stock is $0.01 par value; the preferred stock is 4%. What is the amount of dividend which will be paid for each share of common stock
What are some of the experiences with managers : What are some of the experiences with managers or being a manager, whether it was in a civilian or military environment.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd