Homework Help is Here – Start Your Trial Now!
Business
Accounting
Can you explain why b is the answer please?

Can you explain why b is the answer please?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

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
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
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Filing Federal Income Tax Return
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS