Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 25 Sep 2017 My Price 5.00

Bronson Apparel, Inc.

Bronson Apparel, Inc., operates a retail store and must determine the proper December 31, 2007 year-end accrual for the following expenses:

The store lease calls for fixed rent of $1,000 per month, payable at the beginning of the month, and additional rent equal to 6% of net sales over $200,000 per calendar year, payable on January 31 of the following year. Net sales for 2007 are $800,000. Bronson has personal property subject to a city property tax. The city’s fiscal year runs from July 1 to June 30 and the tax, assessed at 3% of personal property on hand at April 30, is payable on June 30. Bronson estimates that its personal property tax will amount to $6,000 for the city’s fiscal year ending June 30, 2008. In its December 31, 2007 balance sheet, Bronson should report accrued expenses of

a. $39,000

b. $39,600

c. $51,000

d. $51,600

Answers

Maurice Tutor
(5)
Status NEW Posted 25 Sep 2017 10:09 AM My Price 5.00

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