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4 (1 point) On 1 January 2019 a business had prepaid insurance of 10,000. On 1 August 2019, it had paid, in full, the annual
4 (1 point) On 1 January 2019 a business had prepaid insurance of 10,000. On 1 August 2019, it had paid, in full, the annual insurance invoice of 36,000, to cover the twelve months to 31 July 2020. What was the amount charged in the statement of profit or loss and the amount shown in the statement of financial position for the year ended 31 December 2019? Statement of profit or loss: 5,000 Statement of financial position: 24,000 Statement of profit or loss: 25,000 Statement of financial position: 21,000 Statement of profit or loss: 22,000 Statement of financial position: 23,000 Statement of profit or loss: 36,000 Statement of financial position: 15,000 Question 5 (1 point) A firm owns fixed assets which, in total, cost 400,000. Accumulated depreciation on these assets amounts to 160,000. If the firm depreciates its fixed assets at the rate of 20% per annum, using the straight-line method, the depreciation charge in its statement of profit or loss for the current accounting period is: 48,000 40,000 80,000 32,000 Question 6 (1 point) A company has sales of 136,000, cost of goods sold of 82,000, operating expenses of 38,000, and other expenses of 6,000. The company's gross profit is: 54,000 48,000 10,000 16,000
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