Expense Essay

365 WordsOct 9, 20132 Pages
Prepaid expenses are; Items before an event or the product being used are recorded on the Balance Sheet classified as a prepaid until the event takes place or the item is used. An example of a prepaid expense is insurance, which is frequently paid in advance for multiple future periods; an entity initially records this as a prepaid expense, and then charges it to expense over the usage over a period of time. (Accrual accounting draws a distinction between the terms of cost, and expense) A company pays $70,000 in advance for directors and officers liability insurance for the upcoming year. Prepaid expenses Debit Credit Accounts payable 70,000 70,000 Edmonds, T., Olds, P., McNair, F., & Tsay, B. (2010). Survey of Accounting (2nd Ed.). A forgoing of federal funds that will leave many low-income people uninsured and will cost the state and hospitals more for uncompensated care. - See more at: http://pulse.ncpolicywatch.org/2013/06/07/the-truth-about-medicaid/#sthash.QwNnvir8.dpuf Medicaid patients have worse outcomes than fully comparable patients with private insurance, outcomes sometimes even worse than those with no insurance at all Read more: http://www.realclearpolitics.com/articles/2013/05/15/the_truth_about_medicaid_reform_118424.html#ixzz2ZdQsTFfV Follow us: @RCP_Articles on Twitter Not surprisingly, compared to young people, older Americans use more healthcare, largely because they are more likely to have diabetes, heart disease, arthritis and cancer. Assuming each partner invested 3,500 what was the profit for the month of janurary? Lets say Sears form a partnership to conduct a hardware specialties store, each investing $10,000 in cash. An additional $10,000 is acquired from A. D. Rand, the partners giv- ing their joint note to Rand for one

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