ABC a private investing business called ABC Investigations. Some clients are required to pay in advance for the companyâ...

Get help with any kind of assignment - from a high school essay to a PhD dissertation

  1. Order Custom Essay, Course Work, Research and Term Papers

ABC a private investing business called ABC Investigations.

April 14, 2018

ABC a private investing business called ABC Investigations. Some clients are required to pay in advance for the company’s services, while others are billed after the services have been rendered. Advance payments are credited to an account entitled unearned retainer fees, which represents unearned revenue. The business adjusts its accounts each month and closes its accounts at the end of each quarter. At March 31, the end of first quarter, the trial balance appeared as follows:

ABC INVESTIGATIONS

Trial Balance

March. 31.2007

Cash

Rs.17,150

Fees Receivables

37,800

Unexpired Insurance

1,600

Prepaid Rent

5,400

Office Supplies

1,050

Office Equipment

17,100

Accumulated depreciation: Office Equipment

Rs.5,700

Accounts Payable

3,900

Unearned Retainer Fees

24,000

ABC, Capital

45,300

ABC, Drawing

3,200

Fees Earned

33,320

Depreciation expense

570

Rent Expense

3,000

Office Supplies Expense

450

Insurance Expense

800

Telephone Expense

1,200

Travel Expense

3,400

Salaries Expense

19,500

Rs.112,220

Rs.112,220

Other Data:

The useful life of the office equipment was estimated at five years.

Fees of Rs.8, 400 were earned during the month from services performed for clients who had paid in advance.

Salaries earned by employees during the month but not yet recorded or paid amounted to Rs.1, 665.

On March 1, the business moved into a new office and paid the first three months’ rent in advance.

Investigative services rendered during the month but not yet collected or billed to clients amounted to Rs.3, 900.

Office supplies on hand March 31 amounted to Rs.700. Mark: 1

On January 1, Rs.2400 was paid as the premium for six months; liability insurance.

Instructions:

Prepare the adjusting entries required at March 31. (Use the straight-Line method for depreciation) (Mark: 7)

Determine the amount of net income to be reported in the company’s income statement for the quarter ended March 31, 2001. (Mark: 13)










OUR SERVICE CHARTER






  • Better Grades Guarantee

    Our team of writers prides in high-level competence. The writers have the required expertise that enables them to deliver quality papers that match with the requirements of the grading rubric. In the absence of the rubric, we ensure that the writers follow the clients’ instruction brief to the letter. We can confidently assure our clients to expect nothing short of a pass from the papers that we deliver. Importantly, we have qualified writers who handle different areas of study. This diversification enables us to allot clients’ orders to the writer who is well seasoned in the subject area of study. It also enables the team to become more professional due to specialization. Our clients should put their trust in our service delivery and expect to successfully attain high grades at all times. The fact that we offer free revision reflects our dedication in delivering high quality papers that match with our clients’ expectations.

  • 24/7 Customer Support

    Our team of writers prides in high-level competence. The writers have the required expertise that enables them to deliver quality papers that match with the requirements of the grading rubric. In the absence of the rubric, we ensure that the writers follow the clients’ instruction brief to the letter. We can confidently assure our clients to expect nothing short of a pass from the papers that we deliver. Importantly, we have qualified writers who handle different areas of study. This diversification enables us to allot clients’ orders to the writer who is well seasoned in the subject area of study. It also enables the team to become more professional due to specialization. Our clients should put their trust in our service delivery and expect to successfully attain high grades at all times. The fact that we offer free revision reflects our dedication in delivering high quality papers that match with our clients’ expectations.

  • Excellent Quality Work

    Grammar is one of the elements that we take seriously in our service delivery. Beside the use of spell checkers, we progressively take our writers through the essentials of a quality paper that features information clarity. Importantly, we encourage our writers to avoid coming up with a paper that deviates from the elements that appear on the client’s instruction brief. It means that the papers that we deliver denote well researched information that is rich in details. Additionally, the papers usually contain exhaustive details on any instruction that a client submitted. It is the tireless application of our writers’ efforts that makes us stand out when it comes to the delivery of excellent quality work. Notably, our writers use quality resources when digging up information that a paper requires. They are usually aware of the sources that contain rich information. Our past clients have proved that we give nothing short of quality work through giving us a positive feedback.

  • Professional Academic Writers

    An academic degree is one of the qualifications that our writers hold. This is only a minimum requirement that we ask from our writers, but the team also has writers who possess higher educational credentials. It means that the team comprises of competent writers who have gone through institutions of higher learning and passed their exams. Subsequently, the writers have a good grasp of what our clients require. It is notable that our writers not only want to apply their acquired knowledge, but they are also willing to help our clients to outperform them. This is a clear indication of a team that is willing to walk an extra mile. We uphold professionalism in our operations, and our clients should look forward to receive services from a team of experts. It is the spirit of value addition that makes us to scale any heights in order to deliver and outperform our clients’ expectations.




Related Questions