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- 9. Unearned rent, Jan. 1 P170,000 Unearned rent, Dec. 31 85,000 Accrued rent income, Jan. 1 180,000 Accrued rent income, Dec. 31 200,000 Rental payments received 560,000 How much is the Rent income under the accrual basis accounting? a. 455,000 b. 625,000 c. 665,000 d. 645,00010.4 Jelly Co has sublet part of its offices and in the year ended 30 November 20X3 the rent receivable was. Until 30 June 20X3 From 1 July 2OX3 $8,400 per year $12,000 per year Rent was paid quarterly in advance on 1 January, April, July, and October each year. What amounts should appear in Jelly Co's financial statements for the year ended 30 November 20X3 Rent receivable Statement of financial position A $9,900 $9,900 $10,200 $9,900 $2,000 in sundry payables $1,000 in sundry payables $1,000 in sundry payables $2,000 in sundry receivables C DQuestion 6 (22 pts): Margin Account Assume you buy one July '23 KC HRW contract today at $5.2875; its initial is $2,310 with a maintenance of $2,100. o Today - July KC HRW settles at 528'6. What do you deposit in the margin account? o Session 2-July KC HRW settles at 520'2 What is the gain or loss from session 2? What is the balance? Is there a margin call? If so, what is it? o Session 3-July KC HRW settles at 526'6 What is the gain or loss from session 3? What is the balance? Is there a margin call? If so, what is it? o Session 4 - Offset July KC HRW at 536'4 What is the gain or loss from session 4? What is the balance? Is there a margin call? If so, what is it? o Session 5 - Offset July KC HRW at 530'0 Calculate the profit or loss on the trade.
- A credit sale of $3,600 is made on July 15, terms 2/10, n/30, on which a return of $200 is granted on July 18. What amount is received as payment in full on July 24? $3.332 O $3,440 • $3,528 O $3.600Collected from customer on account on june15 June 15 : sold on account 350,00 to customer In other they are deducting 50,000 and my question is i will deducting it or not?b. Compute for the balance of the installment receivable at the a. Compute for the realized gross profit in each of the years 20x1 1. Ring Co. uses the "installment sales method." Information o PROBLEM 4: FOR CLASSROOM DISCUSSION Installment sales method Ring Co.'s sales and collections is as follows: 20x1 us 20x2 1,000,000 700,000 1,300,000 Installment sales 845,000 Cost of sales Collections: 500,000 * 300,000 - from 20x1 sales 650,000 - from 20x2 sales Requirements: and 20x2. b. Compute for the balance of the installment receivable at t. end of each of the years 20x1 and 20x2. c. Compute for the deferred gross profit at the end of each of the years 20x1 and 20x2.
- 1 Find the new balance, assuming that the bank charges 2-% per month on the unpaid balance. 2 Previous New Balance Payment Purchases $592.88 $81.26 A. $575.61 B. $572.61 C. $576.51 O D. $574.41 $50.0010.1 Mega Co receives rent for subletting part of its office block. Rent, receivable quarterly in advance, is received as follows: Date of receipt Period covered 24 1 October 20X1 3 months to 3 months to 31 December 20X1 7,500 7,500 9,000 9,000 9,000 30 December 20X1 31 March 20X2 4 April 20X2 1 July 20X2 1 October 20X2 3 months to 30 June 20X2 3 months to 30 September 20X2 31 December 20X2 3 months to What figures, based on these receipts, should appear in Mega Co's financial statements for the year ended 30 November 20X2? Statement of profit or loss Statement of financial position Rent in arrears (DEBIT) $3,000 Rent received in advance (CREDIT) $6,000 $34,000 DEBIT $34,500 CREDIT $34,000 CREDIT $34,000 CREDIT C Rent received in advance (CREDIT) $3,000 Rent in arrears (DEBIT) $3,000Goods returned by customer will be debited to which account? Return outward O Return inward O Customer's A/C O Purchases A/C O Creative Advertising obtained 12% 5-year loan of $20,000 from the bank. Which account is credited? Capital O Bank loan O Cash O Account receivable O
- Notes Receivable Crowne Cleaning provides cleaning services for Amber Inc., a business with four buildings. Crowne assigned different cleaning charges for each building based on the amount of square feet to be cleaned. The charges for the four buildings are $55,200, $49,800, $69,600, and $30,000. Amber secured this amount by signing a note bearing 10% Interest on June 1. Required: 1. Prepare the journal entry to record the sale on June 1. If an amount box does not require an entry, leave it blank. 188 2. Determine how much interest Crowne will receive if the note is repaid on December 1. 3. Prepare Crowne's journal entry to record the cash received to pay off the note and interest on December 1. If an amount box does not require an entry, leave it blank. EDA man borrows $3 000 from a credit union. Each monthhe is to pay $100 on the principal. At the same time, healso pays interest at the rate of 3/4% per month on theunpaid balance at the beginning of the month. What is thetotal payment required at the end of the first month? a. $112.50 b. $115.00 c. $115.25 d. $122.25 e. None of the choices is correct.MC Qu. 10-86 Zorn Inc. makes a sale for... Zorn Inc. makes a sale for $400. The company is required to collect sales taxes amounting to 9%. What is the amount that will be credited to the Sales Tax Payable account? Multiple Cholce $36 $33 $200 $39 ype here to search. W Trop storm warning DELL