Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Accounting Basics Expert

Accounting


Home >> Accounting Basics

Question - A Belgian food distributor reported ending balances in Prepayments of €38.4 million, €32.3 million, and €52.6 million for the years ended December 31, 2012, 2011, and 2010, respectively. Assume that Prepayments pertain to insurance premiums on warehouses and merchandise. During each of the three years, the firm paid insurance premiums of €62.5 million. The firm follows IFRS and reports its results in millions of euros (€).

Round your answers to one decimal place, if necessary.

a. What journal entries did the food distributor make in each of the three years to recognize prepayments? Enter your answer in millions.

b. What journal entries did the firm make in 2011 and 2012 to recognize insurance on its warehouse and inventory? Enter your answer in millions, rounded to one decimal place.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M93113294
  • Price:- $25

Priced at Now at $25, Verified Solution

Have any Question? 


Related Questions in Accounting Basics

Question - victorias 2016 tax return was due on april 15

Question - Victoria's 2016 tax return was due on April 15, 2017, but she did not file it until June 12, 2017. Victoria did not file an extension. The tax due on the tax return when filed was $9,400. In 2016, Victoria pai ...

Question - garces company offers an unconditional return

Question - Garces Company offers an unconditional return policy to its customers. During the current period, the company records total sales of $850,000, with a cost of merchandise to Garces of $340,000. Based on past ex ...

Question review the course project guidelinesin the last

Question: Review the Course Project Guidelines. In the last module, you completed your estimate of cash flows for your project. In this module, you will calculate the break-even point for the project and the expected fin ...

Question - culver corporation reported net sales of 251600

Question - Culver Corporation reported net sales of $251,600, cost of goods sold of $134,100, operating expenses of $50,600, net income of $36,400, beginning total assets of $530,400, and ending total assets of $560,800. ...

Question - greg owns and operates an illegal gambling

Question - Greg owns and operates an illegal gambling establishment. In connection with this activity, he has the following expenses during the year: Rent - $28,000 Bribes - $80,000 Travel - $16,000 Utilities - $24,000 W ...

Question - on january 1 revis consulting entered into a

Question - On January 1, Revis Consulting entered into a contract to to create cost reduction program for Green Financial over a six-month period. Revis will receive $60,800 from Green at the end of each month. If total ...

Accounting question - in 1990 flounder company completed

Accounting Question - In 1990, Flounder Company completed the construction of a building at a cost of $2,300,000 and first occupied it in January 1991. It was estimated that the building will have a useful life of 40 yea ...

Question instructions provide complete answers to the

Question: Instructions: Provide complete answers to the following two problems: 1. Prepare the General Ledger journal entries for the General Fund for the Village of Bath for the year ended December 31, 2017. • The budge ...

Question - splish company purchased equipment for 221000 on

Question - Splish Company purchased equipment for $221,000 on October 1, 2017. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,480. Estimated production is 40,100 units an ...

Question -1 you work for thunderduck custom tables inc this

Question - 1. You work for Thunderduck Custom Tables Inc. This is the first month of operations. The company designs and manufactures specialty tables. Each table is specially customized for the customer. This month, you ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As

Follow Us

© Copyright 2013-14 mywordsolution.com All rights reserved