Ity: 2 0.74 points Balance Sheet (Partial) Required Inforthation As of The follo
ID: 2516178 • Letter: I
Question
Ity: 2 0.74 points Balance Sheet (Partial) Required Inforthation As of The following intormation appilies to the questions dispityed below] During its first year of operations. Wainut Company completed the following two transactions. The annual accounting period ends December 31 a. Paid and reconded wages of $146 000 during Year t, however at the end of Year t, theee days wages are unpaid and have not yet been recorded because the weekly payroll will not be paid to employees until January 6 of Year 2 Wages for the three days are $5,600 b. Collected rent revenue on December 12 of Year 1 of $2.400 for office space hat Walnut rented to another company The rent collected was for 30 days from December 12 of Year 1 bo January 10 of Year 2Explanation / Answer
WALNUT COMPANY BALANCE SHEET (PARTIAL) AS ON DECEMBER 31 Current Liabilities: Salaries and wages payable 5600 Unearned revenue 800 Total current liabilities 6400 Total 6400 Note: Revenue received on Dec12 2400 period 30 days Unearned period (Jan1- jan 10) 10 days Unearned revenue (2400/30 *10days) 800
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