This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: Net Income 24120 c. More 21000 = rent for Jan 1 st Dec 1 st (11 months) Nov = 2,000 19000 = rent for Jan 1 st Nov 1 st (10 months) 19000 / 10 = 1900 = rent per month before Nov 2000 = rent per month after Nov d. More Insurance per month after August = 250 per month Insurance expense = 2680 (not including Dec) 4 (250) = 1000 2680 1000 = 1680 = insurance expense before August 1680 / 7 = 240 = insurance expense per month before August e. Depreciation per month = 1500 Accumulated depreciation = 54000 54000 / 1500 = 36 months = 3 years f. Adjust Rev Exp NI Assets Liab OE 1 I NE I I NE I 2 NE I D D NE D 3 NE I D D NE D 4 NE I D D NE D 5 NE I D D NE D 6 NE I D NE I D 7 I NE I NE D I 8 NE I D NE I D 9 NE I D NE I D Internet Case 4.5 Prepaid expenses Accrued liabilities Accrued income tax Deferred income taxes...
View Full Document
This note was uploaded on 03/27/2011 for the course MGMT 161 taught by Professor Coyne during the Spring '08 term at Bucknell.
- Spring '08