Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jun 20, 2022

Golden Wattle Accountants Ltd was established on 1 June 20X6. On 1st June the office manager prepaid insurance worth $1 200 for the coming

Golden Wattle Accountants Ltd was established on 1 June 20X6. On 1st June the office manager prepaid insurance worth $1 200 for the coming six months and correctly recognised this as an asset. Required: Using the definitions and recognition criteria from the Conceptual Framework, what Golden Wattle Ltd should recognise with regard to the prepaid insurance at 30 June 20X6.

Step by Step Solution

★★★★★

3.34 Rating (157 Votes )

There are 3 Steps involved in it

Step: 1

On 30 June 20X6 an expense insurance expense of 200 should be recognised in the income statement of ... 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

Step: 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

Accounting

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

9th edition

1118608224, 1118608227, 730323994, 9780730323990, 730319172, 9780730319177, 978-1118608227

More Books

Students also viewed these Accounting questions

Question

★★★★★

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...

Answered: 1 week ago

Question

★★★★★

Mirandas Motor Mechanics analysed the accounting records and other data for the business. The following information is made available for the year ended 30 June 2016: 1. Salaries and wages owing to...

Answered: 1 week ago

Question

★★★★★

Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...

Answered: 1 week ago

Question

★★★★★

Kendall Corners Inc. recently reported net income of $4.8 million and depreciation of $600,000. What was its net cash flow? Assume it had no amortization expense. Enter your answer in dollars. For...

Answered: 1 week ago

Question

★★★★★

Determine the correct value for each of the following questions: 1. Assuming that a single person has made taxable lifetime gifts of $1.2 million, what is the largest taxable estate that could exist...

Answered: 1 week ago

Question

★★★★★

The two blocks under the double wedge are brought together using a left and right square-threaded screw. If the mean diameter is d, the lead is rl, and the coefficient of static friction is s ,...

Answered: 1 week ago

Question

★★★★★

=+a) Which time series components seem to be present? The method of moving averages was applied to these data. Here are time series graphs showing moving average results using two different lengths....

Answered: 1 week ago

Question

★★★★★

AllTalk Technologies manufactures capacitors for cellular base stations and other communications applications. The companys July 2014 flexible budget shows output levels of 6,500, 8,000, and 10,000...

Answered: 1 week ago

Question

★★★★★

A manufacturer uses job costing (normal cost approach). At year end, the company has incomplete jobs and finished jobs that have not been sold. During the year, the company sold many jobs. At year...

Answered: 1 week ago

Question

★★★★★

Derive the system of differential equations describing the straight-line vertical motion of the coupled springs shown in Figure 7.6.6. Use the Laplace transform to solve the system when k 1 = 1, k 2...

Answered: 1 week ago

Question

★★★★★

Required information [The following information applies to the questions displayed below.] Laker Company reported the following January purchases and sales data for its only product. For specific...

Answered: 1 week ago

Question

★★★★★

CASE STUDY Should Packing Be Postponed to the DC? Penang Electronics (PE) is a contract manufacturer that produces and packages private-label products for several retail chains, including Target,...

Answered: 1 week ago

Question

★★★★★

6/6/22, 10:45 AM 3.4.5 Practice: Higher or Lower? Apex Learning - Practice Assignment U.S. and Global Economics (2019) Practice Points Possible: 30 Name: Date: Choose one of the scenarios below and...

Answered: 1 week ago

Question

★★★★★

Client's son calls and says he is worried because, having recently moved, he cannot get mom's nursing home before late evening and the nursing home does not allow visitors after 8:00 pm. He has not...

Answered: 1 week ago

Question

★★★★★

According to Harold Miner, the Nacirema try, at all costs, to avoid pain: (LO 3.4) Group of answer choices True False

Answered: 1 week ago

Question

★★★★★

A potential candidate is interviewing for a security analyst role. The candidate says the following when responding to a scenario-based question: "It was up to me to manage the product sales for the...

Answered: 1 week ago

Question

★★★★★

Suppose the income statement for Goggle Company reports $147 of net income, after deducting depreciation of $22. The company bought equipment costing $125 and obtained a long-term bank loan for $132....

Answered: 1 week ago

Question

★★★★★

According to a New York Times columnist, The estate tax affects a surprisingly small number of people. In 2003, . . . just 1.25 percent of all deaths resulted in taxable estates, with most of them...

Answered: 1 week ago

Question

★★★★★

List examples of economic decisions that the following people would need to make with the use of accounting information: A marketing manager A production manager The Chief Executive Officer of a...

Answered: 1 week ago

Question

★★★★★

Alana Szeqczyks accounting system that uses sales, purchases, cash receipts and cash payments journals and a general journal. At various times during the year, the following errors have occurred. 1....

Answered: 1 week ago

Question

★★★★★

Wilde Marketing Partnership, marketing consultants, is considering a project requiring considerable expansion of its current operations. This will require the purchase of equipment at a cost of $600...

Answered: 1 week ago

Question

★★★★★

Using the data in file statepop.dat, draw a histogram, using the weights, of the number of veterans. Howdoes this compare with a histogram that does not use the weights? The file statepop.dat...

Answered: 1 week ago

Question

★★★★★

The Rao-Hartley-Cochran (1962) method for selecting psus with unequal probabilities. To take a sample of size n, divide the population into n random groups of psus, U1, U2, . . . ,Un. Then select one...

Answered: 1 week ago

Question

★★★★★

Suppose you want to take a sample of students in a university but your sampling frame is a list of all classes offered by the university. A student may be in more than one class, so a probability...

Answered: 1 week ago

Previous Question Next Question