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On March 15, 20X4, Krol Co. paid property taxes of $90,000 on its office building for the calendar year 20X4. On April 1, 20X4, Krol paid $150,000 for unanticipated repairs to its office equipment. The repairs will benefit operations for the remainder of 20X4. What is the total amount of these expenses that Krol should include in its quarterly income statement for the three months ended June 30, 20X4

Respuesta :

Answer:

1. Taxes - $22,500

2. Office Equipment Repairs - $50,000

Explanation:

1. On March 15, 20X4, Krol Co. paid property taxes of $90,000 on its office building for the calendar year 20X4.

The total amount of these expenses that Krol should include in its quarterly income statement for the three months ended June 30, 20X4 will be:

An apportionment of $90,000 into 4 quarters, which is - $22,500

2.On April 1, 20X4, Krol paid $150,000 for unanticipated repairs to its office equipment.

Since the repairs will benefit operations for the remainder of 20X4, the total amount of the expense that Krol should include in its quarterly income statement for the three months ended June 30, 20X4 will be:

An apportionment of $150,000 into 3 remaining quarters of the year, which is - $50,000

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