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tino4ka555 [31]
3 years ago
12

On January 15, 2021, Vancey Company paid property taxes on its factory building for the calendar year 2021 in the amount of $1,0

80,000. In the first week of April 2021, Vancey made unanticipated major repairs to its plant equipment at a cost of $2,700,000. These repairs will benefit operations for the remainder of the calendar year. How should these expenses be reflected in Vancey's quarterly income statements
Business
1 answer:
tankabanditka [31]3 years ago
4 0

Answer and Explanation:

The presentation is presented below:

Particulars          3/31/21             6/30/21              9/30/21              12/31/21    

Property taxes    $270,000       $270,000          $270,000            $270,000

Repairs                                        $900,000          $900,000           $900,000

Total                   $270,000        $1,170,000          $1,170,000          $1,170,000

The property taxes is divided into four quarters i.e

= $1,080,000 ÷ 4 quarters

= $270,000

While the repairs are divided into 3 quarters i.e

= $2,700,000 ÷ 3 quarters

= $900,000

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