Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

At 31 December 2008 the following require inclusion in a company's financial statements: (1) On 1 January 2008 the company made a loan of

image text in transcribed 

At 31 December 2008 the following require inclusion in a company's financial statements: (1) On 1 January 2008 the company made a loan of $28,800 to an employee, repayable on 1 January 2009, charging interest at 2 per cent per year. On the due date she repaid the loan and paid the whole of the interest due on the loan to that date. (2) The company has paid insurance $21,600 in 2008, covering the year ending 31 August 2009. (3) On 1 January 2009 the company received rent from a tenant $9,600 covering the six months to 31 December 2008. For these items, what total figures should be included in the company's Statement of Financial Position at 31 December 2008?

Step by Step Solution

3.39 Rating (152 Votes )

There are 3 Steps involved in it

Step: 1

To determine the total figures that should be included in the companys Statement of Financial Positi... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Income Tax Fundamentals 2013

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

31st Edition

1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516

More Books

Students also viewed these Accounting questions

Question

w 5 zilt

Answered: 1 week ago

Question

Explain the Pascals Law ?

Answered: 1 week ago

Question

What are the objectives of performance appraisal ?

Answered: 1 week ago

Question

State the uses of job description.

Answered: 1 week ago