FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Filing Federal Income Tax Return
A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations rega…
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Can you explain why b is the answer please? 

21.3 At 31 December 20X2 the following matters require inclusion in a company's financial statements: On 1 January 20X2 the company made a loan of $12,000 to an employee, repayable on 30 April 20X3, charging interest at 2% per year. On the due date she repaid the loan and paid the whole of the interest due on the loan to that date. 1 (2 marks) 2 The company has paid insurance $9,000 in 20X2, covering the year ending 31 August 20X3. vho does not In January 20X3 the company received rent from a tenant $4,000 covering the six months to 31 December 20X2. 24 38,000 45,000 637,000 For these items, what total figures should be included in the company's statement of financial position at 31 December 20X2? Payables and accruals 24 Receivables and prepayments 24 22,000 22,240 10,240 240 NIL C NIL
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Transcribed Image Text:21.3 At 31 December 20X2 the following matters require inclusion in a company's financial statements: On 1 January 20X2 the company made a loan of $12,000 to an employee, repayable on 30 April 20X3, charging interest at 2% per year. On the due date she repaid the loan and paid the whole of the interest due on the loan to that date. 1 (2 marks) 2 The company has paid insurance $9,000 in 20X2, covering the year ending 31 August 20X3. vho does not In January 20X3 the company received rent from a tenant $4,000 covering the six months to 31 December 20X2. 24 38,000 45,000 637,000 For these items, what total figures should be included in the company's statement of financial position at 31 December 20X2? Payables and accruals 24 Receivables and prepayments 24 22,000 22,240 10,240 240 NIL C NIL
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