Explanation:
The journal entries are as follows:
On July 1
Prepaid Insurance A/c Dr $20,700
To Cash A/c $20,700
(Being prepaid insurance is paid)
On December 31
Insurance expense A/c Dr $
To Prepaid insurance A/c $1,110
(Being the insurance expense is recorded)
The insurance expense is shown below:
= $20,700 ÷ 3 years × 6 months ÷ 12 months
= $3,450
Fred will either have to pay more than he proposed or Barney would be able to open his business in the same city
Answer:
Gain on disposal = $7600
Explanation:
As the machine is sold on 1 April 2024, we first need to update the depreciation expense and charge the depreciation to the date. The depreciation has been charged till 1 December 2023. So, we need to charge the depreciation for three more months.
The formula for depreciation expense under straight line method is,
Depreciation expense per year = (Cost - Salvage value) / Estimated useful life
Depreciation expense per year = (24000 - 0) / 5
Depreciation expense per year = $4800 per year
Depreciation expense for three months = 4800 * 3/12 = $1200
Accumulated depreciation 1 April 2024 = 14400 + 1200 = $15600
To calculate the gain or loss on disposal, we first need to determine the net book value of asset and deduct it from the cash received on disposal.
NBV = Cost - Accumulated depreciation
NBV = 24000 - 15600
NBV = $8400
Gain on disposal = 16000 - 8400
Gain on disposal = $7600
Answer:
nonprofit corporation - literally anything involving donations - your welcome
Explanation:
1. Amount of bond liability Balance Sheet
2. Description of bond liability. Footnotes
3. Interest rates associated with bond issuances. Balance sheet
4. Interest paid for the period. Profit and Loss Account
5. Maturity dates associated with bond issuances. Balance sheet.
6. Cash interest paid during the period. cash flow statement.
A balance sheet (also known as a balance sheet or management report) is a personal Or a summary of the organization's financial balance. commercial entity.
Assets, liabilities, and equity are listed as of a specific date (such as the end of the fiscal year). A balance sheet is often referred to as a "snapshot of a company's financial position." of the four basic degrees.
learn more about balance sheet here; brainly.com/question/1113933
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