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

 

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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? 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?

Answer rating: 100% (QA)

To determine the total figures that should be included in the companys Statement of Financial Position at 31 December 2008 lets analyze each item 1 Lo... View the full answer