Tutorial 3(1) - CP42 1. At the end of the most recent year,...

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CP4–2 1. At the end of the most recent year, Prepaid Expenses were $27,286 thousand. This information is disclosed on the balance sheet. 2. The company reported $88,650 thousand in deferred rent. This information is disclosed on the balance sheet. 3. Prepaid rent (an asset) represents rent that a company has paid in advance to its landlords. If a company also rents property to tenants, deferred rent (a liability) represents rent that it has collected in advance for which the company has an obligation to allow a tenant to use the property. Urban Outfitters reported deferred rent of $88,650,000 on January 31, 2007. However, the related note under Summary of Significant Accounting Policies indicates that Urban Outfitters has significant leases and records certain related liabilities in that account. This issue is covered in a more advanced course. 4. Accrued Liabilities would consist of costs that have been incurred by the end of the accounting period but which have not yet been paid. 5.
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This note was uploaded on 05/10/2011 for the course ACCT 1002 taught by Professor Ng during the Spring '11 term at National University of Singapore.

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Tutorial 3(1) - CP42 1. At the end of the most recent year,...

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