Answer to Question #316835 in Accounting for Lenny

Question #316835

Can an agency fee be treated as a prepaid and amortized if the agency provides a 1 year guarantee?

Expert's answer

It can be treated as prepaid and accounted for monthly for the portion paid.

Learn more about our help with Assignments: Accounting

Comments

No comments. Be the first!

Leave a comment

Related Questions

1. On June 1, Trade Kings Company borrows $250, 000 from ATLASMARA Bank on a 6-month, $250, 000, 10% no
2. At 1 October 2015 a business had total outstanding debts of $8, 600. During the year to 30 September
3. What is the cardinality of the relationship between an event (such as a sale) and the store in which
4. Where would information (i.e., address, size, acquisition date, etc.) about a specific retail store
5. How can an REA diagram show that a team of employees is involved in performing an event—recognizin
6. Two types of locations entities (Warehouses and Financial Institutions). What other location entitie
7. Explain why standard prices and costs are recorded in resource entities, but actual prices and costs