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What amount of accrued liabilities should Abc Co report

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Reference no: EM132858646

Question - ABC Co. operates a retail store and must determine the proper December 31, 2020, year-end accrual for the following expenses:

The store lease calls for fixed rent of 8,400 per month, payable at the beginning of the month, and an additional rent equal to 6% of net sales over 1,750,000 per calendar year, payable on January 31 of the following year. Net sales for 2020 3,150,000.

An electric bill of 5,950 covering the period December 17, 2020 through January 16, 2020 was received January 23, 2021.

A 2,800 telephone bill was received on January 2, 2021, covering:

Service in advance for January 2021 1,050

Local and toll calls for December 2020 1,750

In its December 31, 2020 statement of financial position, what amount of accrued liabilities should Abc Co. report?

Reference no: EM132858646

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