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Category > Accounting Posted 28 May 2017 My Price 9.00

Expense recognition

13.   Expense recognition. Sun Microsystems uses the accrual basis of accounting and recognizes revenue at the time it sells goods or renders services. It applies U.S. GAAP and reports in U.S. dollars. Indicate the amount of expenses (if any) the firm recognizes during the months of June, July, and August in each of the following hypothetical transactions. The firm does the following:

a.   Pays $180,000 on July 1 for one year’s rent on a warehouse beginning on that date.

b.   Receives a utility bill on July 2 totaling $4,560 for services received during June. It pays the utility bill during July

c.    Purchases office supplies on account costing $12,600 during July. It pays $5,500 for these purchases during July and the remainder during August. Office supplies on hand on July 1 cost $2,400, on July 31 cost $9,200, and on August 31 cost $2,900.

d.   Pays $7,200 on July 15 for property taxes on office facilities for the current calendar year.

e.    Pays $2,000 on July 15 as a deposit on a custom-made delivery van that the manufac- turer will deliver on September 30.

f.    Pays $4,500 on July 25 as an advance on the August salary of an employee.

g.   Pays $6,600 on July 25 for advertisements that appeared in computer journals during June.

 

 

 
 

 

Answers

Alpha Geek
(8)
Status NEW Posted 28 May 2017 07:05 AM My Price 9.00

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Attachments

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