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    Financial Statement Presentation of Prepaids

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    mnrk 1997
    Ace Company purchased a 3-year prepaid software license on January 1, 20X1. The document prompts the reader to enter an amount for the license purchase and then calculate the correct values that should appear in the income statements and balance sheets for 20X1, 20X2, and 20X3 to reflect the amortization of the license asset over the three year period. Calculating the correct amounts will cause the applicable cells to turn green.

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    Financial Statement Presentation of Prepaids

    Uploaded by

    mnrk 1997
    11 views2 pages
    Ace Company purchased a 3-year prepaid software license on January 1, 20X1. The document prompts the reader to enter an amount for the license purchase and then calculate the correct values that should appear in the income statements and balance sheets for 20X1, 20X2, and 20X3 to reflect the amortization of the license asset over the three year period. Calculating the correct amounts will cause the applicable cells to turn green.

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    Financial statement presentation of prepaids (1).xlsx

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    Ace Company purchased a 3-year prepaid software license on January 1, 20X1. The document prompts the reader to enter an amount for the license purchase and then calculate the correct values that should appear in the income statements and balance sheets for 20X1, 20X2, and 20X3 to reflect the amortization of the license asset over the three year period. Calculating the correct amounts will cause the applicable cells to turn green.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    11 views2 pages

    Financial Statement Presentation of Prepaids

    Uploaded by

    mnrk 1997
    Ace Company purchased a 3-year prepaid software license on January 1, 20X1. The document prompts the reader to enter an amount for the license purchase and then calculate the correct values that should appear in the income statements and balance sheets for 20X1, 20X2, and 20X3 to reflect the amortization of the license asset over the three year period. Calculating the correct amounts will cause the applicable cells to turn green.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 2

    I-17.

    03

    Ace Company purchased a prepaid 3-year software license on January 1, 20X1. Manually enter an amount for
    this license of your choice in the appropriate cell below. Next, calculate and enter values that should appear in
    the applicable income statements and balance sheets for successive time periods. Entering correct values in the
    income statement and balance sheet cells will cause the cells to turn green.

    Enter an amount of your choice for the purchase price of the software license

    Balance Sheet Presentation as of December 31, 20X1

    Prepaid software license

    Income Statement Presentation For the Year Ending December 31, 20X1

    Software license expense

    Balance Sheet Presentation as of December 31, 20X2

    Prepaid software license

    Income Statement Presentation For the Year Ending December 31, 20X2
    I-17.03

    Software license expense

    Balance Sheet Presentation as of December 31, 20X3

    Prepaid software license

    Income Statement Presentation For the Year Ending December 31, 20X3

    Software license expense

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