Calculation of Expense
the Records for Jay Inc Instructions
Calculate the Total Amount of Expenses That Should Be

question 28

Essay

Calculation of expense
The records for Jay Inc. showed the following for 2020:
$\begin{array}{cccc}&\underline{\text {Jan 1 }} &\underline{ \text {Dec 31} } \\ \text { Accrued expenses............................... } &\$2,000&\$3,600\\ \text { Prepaid expenses................................... } &900&800\\ \text {Cash paid during the year for expenses...... } &&\$55,000\\\end{array}$
Instructions
Calculate the total amount of expenses that should be reported on the 2020 statement of comprehensive income.

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Definitions:

Patent Infringement

Unauthorized use, sale, or production of a patented invention without the patent holder's permission.

Genetically Modified Seeds

Seeds that have been altered using genetic engineering techniques to exhibit traits such as pesticide resistance or increased nutritional value.

Service Mark

A trademark used to identify and distinguish the services (rather than products) of one provider from those of others.

Trade Name

The name under which a business operates and is known to the public, different from its legal name.