Question
i need solution now The following cases are available for Nasir Company for the year 2020: Case 1 The company signed a 6 months notes
i need solution now The following cases are available for Nasir Company for the year 2020:
Case 1
The company signed a 6 months notes payable for AED 150,000 in October 1, 2020. The note requires the company to pay interest at an annual rate 8%.
Instructions: (5 marks)
Calculate the interest expenses that will be shown in the income statement for the year 2020 (show all calculations)
Case 2
The company provided services for AED 18,000 to Zayed but not yet recieved in cash.
Instructions: (5 marks)
Calculate the services revenue that will be shown in the income statement for the year 2020
Case 3
The company has a balance of supplies for AED 12,000 on 1/1/2020. The company purchased supplies for AED 28,000 during 2020. The physical count at the end of the year 2020 showed that AED 13,000 of supplies were used during the year.
Instructions: (5 marks)
Calculate the supplies that will be shown in the balance sheet at December 31, 2020 (show all calculations)
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