Homework Answers
Answer :
1. Insurance expense :
= Insurance premium paid during the year - Prepaid insurance on 31-12-2020 + Prepaid insurance on 31-12-2019
= 11,000 - 1,600 + 1,300
= 10,700
2. Rent expense :
= Rent paid during the year - Prepaid Rent on 31-12-2020 + Prepaid Rent on 31-12-2019
= 14,000 - 3,500 + 3,200
= 13,700
3. Interest revenue :
= Interest collected during the year + Interest receivable on 31-12-2020 - Interest receivable on 31-12-2019
= 8,000 + 2,700 - 3,800
= 6,900
4. Interest expense :
= Interest paid during the year + Interest payable on 31-12-2020 - Interest payable on 31-12-2019
= 9,000 + 3,400 - 2,800
= 9,600
5. Salary expense :
= Salary paid during the year + Salary payable on 31-12-2020 - Salary payable on 31-12-2019
= 17,000 + 9,800 - 11,000
= 15,800
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A.
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D.
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Please explain how you got the answer. Thank you.
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Answers:
A.
$22,000.
B.
$20,400.
C.
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D.
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Please explain how you got the answer. Thank you.
There is NO balance sheet or income statement
included in the question. This was all the information that the
question gave me.
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