Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help I do not get why it says incomplete for my balance sheet. a . An analysis of WTI's insurance policies shows that $
Please help I do not get why it says incomplete for my balance sheet.
a An analysis of WTI's insurance policies shows that $ of coverage has expired.
b An inventory count shows that teaching supplies costing $ are available at yearend.
c Annual depreciation on the equipment is $
d Annual depreciation on the professional library is $
e On September WTI agreed to do five training courses for a client for $ each. Two courses will start
immediately and finish before the end of the year. Three courses will not begin until next year. The client paid
$ cash in advance for all five training courses on September and WTI credited Unearned Revenue.
f On October WTI agreed to teach a fourmonth class beginning immediately for an executive with payment due
at the end of the class. At December $ of the tuition revenue has been earned by WTI.
g WTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $
per day for each employee.
h The balance in the Prepaid Rent account represents rent for December.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
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