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Alexxandr [17]
3 years ago
13

Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense: a. Cash

received for use of land next month b. Fees earned but not received in cash c. Wages owed but not yet paid d. Supplies on hand
Business
1 answer:
slava [35]3 years ago
3 0

Answer:

a. Unearned Revenue; b. Accrued Revenue; c. Accrued Expense; d. Prepaid Expense

Explanation:

Prepaid Expenses : Expenses paid before due

Unearned Revenue : Revenue earned before due i.e Advance Income

Accrued Revenue : Revenue earned i.e due , but not received

Accrued Expense : Expense due but not paid i.e Outstanding Expense

a. Cash received for use of land next month = Unearned Revenue or Advance Income

b. Fees earned but not received in cash = Accrued Revenue / Accrued Income

c. Wages owed but not yet paid = Accrued Expense / Outstanding Expense

d. Supplies on Hand = Prepaid Expense

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C. 1.3

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6 0
3 years ago
The Digby Company has just purchased $40,900,000 of plant and equipment that has an estimated useful life of 15 years. The expec
Igoryamba

Answer:

$4,908,000

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The computation of accumulated depreciation expense for this purchase is shown below:-

Depreciation expense = ((Cost of machine - Salvage) ÷ Estimated useful life of machine)

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Bubbles Inc. produces gummy bears. The company purchases raw materials, stores them in warehouse, and then runs them through two
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D. $65,000

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