Question

Kwan has $10,000 in interest expense; an expired $5,000 insurance policy; $20,000 in depreciation; and he paid himself a dividend. What is the only item with no entry in assets on his balance sheet

Answer 1

The only item that does not have an entry in the assets on Kwan's balance sheet is Interest Expense of $10,000.

Data Analysis:

Interest Expense $10,000 Income Statement $10,000

Insurance Expense $5,000 Prepaid Insurance $5,000

Depreciation Expense $20,000 Accumulated Depreciation $20,000

Dividend Payable $ Cash $

Thus, except interest expense, the other items have entries in assets on Kwan's balance sheet.

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