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Category > Business & Finance Posted 01 Jun 2017 My Price 7.00

Michael Vaughn is preparing his balance


Michael Vaughn is preparing his balance sheet and income and expense statement for the year ending June 30, 2010. He is having difficulty classifying six items and asks for your help. Which, if any, of the following transactions are assets, liabilities, income, or expense items?

 

a. Michael rents a house for $950 a month.

b. On June 21, 2010, Michael bought diamond earrings for his wife and charged them using his Visa card. The earrings cost $600, but he hasn’t yet received the bill.

c. Michael borrowed $2,000 from his parents last fall, but so far he has made no payments to them.

d. Michael makes monthly payments of $120 on an installment loan; about half of it is interest, and the balance is repayment of principal. He has 20 payments left, totaling $2,400.

e. Michael paid $2,800 in taxes during the year and is due a tax refund of $450, which he hasn’t yet received.

f. Michael invested $1,800 in some common stock

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Status NEW Posted 01 Jun 2017 06:06 AM My Price 7.00

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