Question & Answer: X Company's financial records showed the following during 2014: Payments made for office supplies $150,000 Insurance premi…..

ACT3391FALL2017TraditionalHWItemNostto13 (1).docx Word 布局引用郎件审阅视图8告 字体 样式 10. (6 points) X Companys financial records showed the following during 2014: $150,000 $100,000 Insurance premiums receipts Wages & salaries paid $500,000 $ 80,000 Payments made for office supplies Office rental revenues X follows the accrual basis of accounting. The following were taken from Xs balance sheets: $34,000 18,000 21,000 6,000 12,000 14,000 $39,000 14,000 24,000 12.000 5,000 6,000 Office rental receivables Prepaid office supplies Wages & salaries payable Office supplies payable Unearned insurance premiums Unearned office rental revenue a. What was office supplies expense during 2014? b. What was wages & salari c. What were insurance premiums revenues during 2014? d. What were office rental receipts during 2014? es expense during 2014?

X Company’s financial records showed the following during 2014: Payments made for office supplies $150,000 Insurance premiums receipts $ 500,000 Office rental revenues $ 100,000 Wages & salaries paid $ 80,000 X follows the accrual basis of accounting. The following were taken from X’s balance sheets: a. What was office supplies expense during 2014? b. What was wages & salaries expense during 2014? c. What were insurance premiums revenues during 2014? d. What were office rental receipts during 2014?

Expert Answer

 

a)Prepaid supplies expense= payments made+(decrease in office supplies)+increase in office supplies payable

=150000+(18000-14000)+(12000-6000)=160,000

b)wages and salaries expense= wages and salaries paid+increase in salaries payable

=80000+(24000-21000)=83000

c)Insurance premium revenue=insurance premium receipts+decrease in premium

=500000+(12000-5000)=570,000

d)Office rental receipts=office rental revenue-decrease in unearned revenue-increase in rental receivable

=100000-(14000-6000)-(39000-34000)

=87000

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