Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. a.?an analysis of lti's insurance policies shows t

a.?An analysis of LTI's insurance policies shows that $2,550?of coverage has expired.b.?An inventory count shows...

80.2K

Verified Solution

Question

Accounting

a.?An analysis of LTI's insurance policies shows that $2,550?of coverage has expired.

b.?An inventory count shows that teaching supplies costing $3,640?are available at year-end.

c.?Annual depreciation on the equipment is $4,200.

d.?Annual depreciation on the professional library is $7,800.

e.?On November1,?LTI agreed to do a special six-month course(starting immediately)?for a client. The contract calls for a monthly fee of $2,600,?and the client paid the first five months' fees in advance. When the cash was received, the Unearned Training Fees account was credited.

f.?On October15,?LTI agreed to teach a four-month class(beginning immediately)?for hs executive with payment due at the end of the class. At December31,?$3,000?of the tuition has been earned by LTI.

g.?LTI's two employees are paid weekly. As of the end of the year, two days' salaries have accrued at the rate of $220?per day for each employee.

h.?The balance in the Prepaid Rent account represents rent for December.

image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students