Pink Ltd's financial year ends on December 31. It pays Rent charges for each year ending...
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Pink Ltd's financial year ends on December 31. It pays Rent charges for each year ending April 30 in two equal instalments, on May 1 and November 1, in advance. The total Rental expense for the year from May 1, 2019 to April 30, 2020 was £10,000 (this represented a 25% increase from the previous year). (a) What was the prepaid rent included in the balance sheet at December 31, 2019? (Give answer to the nearest £) (1 point) (b) What was the rent expense for the year ended December 31, 2019? (Give answer to the nearest £) (2 points) Pink Ltd's financial year ends on December 31. It pays Rent charges for each year ending April 30 in two equal instalments, on May 1 and November 1, in advance. The total Rental expense for the year from May 1, 2019 to April 30, 2020 was £10,000 (this represented a 25% increase from the previous year). (a) What was the prepaid rent included in the balance sheet at December 31, 2019? (Give answer to the nearest £) (1 point) (b) What was the rent expense for the year ended December 31, 2019? (Give answer to the nearest £) (2 points)
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a Prepaid rent included in the balance sheet at December 31 2019 3333 Calculated as Prepaid ren... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson, Wayne Thomas
Posted Date:
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