After adjusting entries, the balance sheets of Tukan Company showed the following asset and liability amounts at
Question:
After adjusting entries, the balance sheets of Tukan Company showed the following asset and liability amounts at the end of 2011 and 2010:
The following amounts were taken from the 2011 income statement:
Insurance expense ………………….. $1,900
Wages expense …………………....... 9,750
Fees earned …………………............ 4,450
Calculate the amount of cash paid for insurance and wages and the amount of cash received for fees during 2011.
Prepaid insurance Wages payable Unearned revenue 2011 $1,200 600 2,100 2010 $1,450 1,100 950
Step by Step Answer:
Prepaid Insurance at end of 2011 1200 Insurance Expense duri...View the full answer
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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