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Masteriza [31]
3 years ago
13

he company rented an office for $ 3600 per month starting from January​ 1, 2018. On that​ day, ABC prepaid the rent through June

30. The company makes adjusting entries at the end of each month. What is the balance in the Prepaid Rent account as of April​ 30, 2018?
Business
1 answer:
pickupchik [31]3 years ago
8 0

Answer:

The balance in the Prepaid Rent account as of April​ 30, 2018 = $7,200

Explanation:

Monthly rent = $3,600

Rent paid on 1 January = $3,600 \times 6 = $21,600

Out of which Prepaid Rent = $3,600 \times 5 = $18,000

for 5 months

Prepaid rent account as on April 30 balance will be of rent for May and June,

That is $3,600  \times 2 = $7,200

Only this amount will be outstanding in prepaid rent as for the month till April each month rent would have been adjusted from February to April.

Final Answer

The balance in the Prepaid Rent account as of April​ 30, 2018 = $7,200

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Explanation:

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A PPO uses a discount on charge arrangement. Marie incurred total charges by a hospital of ​$20 comma 300​, and the percentage p
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$2,842

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On August 31,the balance sheet of La Brava Veterinary Clinic showed cash $9,000,Account receivable$1700,supplies $600,equipments
Vladimir79 [104]

Answer:

Brava Veterinary Clinic

a) Tabular Analysis of September Transactions:

see attached.

b1) Income Statement for September:

Service Revenue  $7,300

Expenses:

Salaries      $1,700

Rent               900

Advertising   200

Utilities          170 ($2,970)

Net Income         $4,330

b2) Retained Earnings Statements for September

Net Income                               $4,330

Beginning Retained Earnings    $700

Dividends                                   ($400)

Ending Retained Earnings     $4,630

b3) Balance Sheet at September 30:

Assets:

Cash                                    $14,900

Accounts Receivable             6,200

Supplies                                    600

Equipment                              8,100

Total Assets                     $29,800

Liabilities + Equity:

Accounts Payable              $12,170

Common Stock                   13,000

Retained Earnings               4,630

Total Liabilities + Equity  $29,800

Explanation:

Financial Statements (Income Statement and Balance Sheet) are prepared at the end of a period to show the financial performance (Net Income) and the financial position (Assets = Liabilities + Equity) of a business entity.

A tabular statement of transactions illustrates the changes that have taken place during the period as a result of transactions.  Transactions affect the Assets and Liabilities and Equity equally.  The excess of revenue over expenses gives a net income.

Download xlsx
7 0
3 years ago
Read 2 more answers
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