Moray Company singed a yearly contract to maintain its accounting software. The execution date 1-4- 2019...

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Moray Company singed a yearly contract to maintain its accounting software. The execution date 1-4- 2019 The amount of the contract is 1000$ excluded vat. Moray paid this expenses as an accrued expenses Note: vat = 11% fiscal year composed of 4 terms: First term start 1-1 2019 and end 31-3-2019 Second term start 1-4- 2019 and end 31-6-2019 Third term start 1-7- 2019 and end 31-9-2019 Fourth term start 1-10- 2019 and end 31-12-2019 Required : calculate the accrued expenses during the fiscal year Moray Company singed a yearly contract to maintain its accounting software. The execution date 1-4- 2019 The amount of the contract is 1000$ excluded vat. Moray paid this expenses as an accrued expenses Note: vat = 11% fiscal year composed of 4 terms: First term start 1-1 2019 and end 31-3-2019 Second term start 1-4- 2019 and end 31-6-2019 Third term start 1-7- 2019 and end 31-9-2019 Fourth term start 1-10- 2019 and end 31-12-2019 Required : calculate the accrued expenses during the fiscal year

Answer rating: 100% (QA)

MEANING OF ACCRUED EXPENSES An accrued expense also known as an accrued liability r... View the full answer