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






  • Free Revisions

    The papers that we deliver usually reflect a high quality level. However, there is always a room for any additional fine-tuning touch in line with a client’s preference without any additional charges. To begin with, a client has discretion to make a choice on their preferred top writer from our team. Such a writer could have handled past work for the client and received a positive review from the same. It means that the client has confidence of the quality of service that the writer delivers. Secondly, a client has an option of making use of our editing services. Our editors are always on standby to revise the paper and ensure that it matches with the expectations of a client that the instruction brief had detailed. The revision covers content adjustment that removes off-topic details, addition of sources, removal of language style errors, and assessment of the referencing style in order to enhance compliance.

  • Money Back Guarantee

    If any of our writers deliver an incomplete or ambiguous paper that is off the topic, our clients can claim for a refund in regard to the oversight. We do not compromise our service delivery through submission of a paper that does not follow our clients’ instructions. We also mind about the interest of our customers, and we always give them value for their money. However, our clients have a choice to request for a free revision within 14-30 days, or depending on the length of the submitted paper. A client who needs a refund should send a request for it within 14 days after receiving the completed paper. If a client decides not to download the paper, then they can request for 100% refund. Any refunded amount usually goes to the client’s Bonus Balance as store credit. There is always extra compensation when the refund takes the form of store credit. Alternatively, the refunded amount can also go the client’s credit card.

  • 100% Plagiarism-Free Guarantee

    We deliver top-quality essays through employing various measures that seek to improve the content of a given assignment. One of the quality-control systems that we use entails plagiarism checkers. These systems help us to deliver a 100% plagiarism-free papers to our clients. We also value the originality of papers, and we do not resell any submitted paper. It means that every client always gets a unique paper. Additionally, our perfect team of writers is usually keen on the academic writing standards as well as the instructions brief that a client submits. Our team of writers holds matchless competence when it comes to its service delivery. Every member of the team usually has an academic degree, and the team’s diversified skills make it possible for us to have a qualified writer in any client’s area of study. Additionally, our past clients have always given a positive feedback on each of our writers.

  • 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