(redirected from Prepaid expense)
Also found in: Dictionary, Thesaurus, Financial, Encyclopedia.
Related to Prepaid expense: Accrued Expense
References in periodicals archive ?
Accordingly, the prepaid expense would be recognized at the outset of the transaction at the fair value of the asset exchanged or sold.
Here are eight key reasons to consider a corporate prepaid expense card program for franchise businesses.
If they do not harvest the apple crop before the financial statements are prepared at the end of the year, they need to make adjustments to the financial statements to report a prepaid expense (Cash Investment in Growing Crop) on the Balance Sheet for $2,500 and to make an adjustment to operating expenses on the Income Statement (Change in Investment in Growing Crops).
It is important to understand who is eligible to use the cash method, when inventories are required and when materials or supplies must be recorded as prepaid expenses.
Although the Company has not yet completed the required calculations to enable it to determine the overall impact of the revenue recognition and related prepaid expense recognition issues on its previously reported financial statements, based upon management's evaluation to date, any potential adjustments arising from the material weaknesses related to revenue recognition and related prepaid expense recognition will only impact the timing of recognizing deferred revenues and the related prepaid expenses.
The acquisition of Indiana Transport included the acquisition of accounts receivable, prepaid expenses, machinery and equipment, and real estate and was funded under the company's existing credit facility.
The assets to be acquired include property, plant and equipment, intellectual property and certain working capital assets (inventory and prepaid expenses less current liabilities) and exclude accounts receivable.
Statement of Consolidated Financial Position Assets: Cash & Cash Equivalents $1,459,916 Investments at Fair Market Value 2,566,396 Accounts Receivable 6,348 Prepaid Expenses 67,060 Fixed Assets 38,658 Deposits 8.
960 Accounts receivable, net 284 173 Other receivables 322 323 Receivable - affiliates 36 83 Prepaid expenses and other 625 532 Total current assets 12.
STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2012 AND 2011 ASSETS 2012 2011 CURRENT ASSETS: Cash--checking $67,644 $29,659 Cash--savings and money market 56,276 55,809 Accounts receivable 12,618 11,967 Receivable--ISNAP program 70,591 77,391 Certificates of deposit - 125,000 Prepaid expenses 12.
But differences between the cash basis and accrual basis for expense recognition purposes are represented by amounts in accounts such as prepaid expenses (payment before expenses are incurred) and various accrued or payable accounts (payment after expenses are incurred).
If member states choose to apply the measure, very small businesses may therefore be exempted from the obligation to keep accounts on prepaid expenses and prepaid income for certain headings, thus reducing accounting information to key elements and ensuring a minimum level of transparency.