Question

On September t. Yeart Gomez Company collected $19.500 in advance from a customer for services to be provided over a one-year

0 0
Add a comment Improve this question Transcribed image text
Answer #1

c.$6,500, 19,500.

working:

income for the year = $19,500 * 4 months / 12 months

=>$6,500.

net cash flows from operating activities will record cash inflows of $19,500 i.e the cash actually received.

Add a comment
Know the answer?
Add Answer to:
On September t. Yeart Gomez Company collected $19.500 in advance from a customer for services to...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • On September 1, Year 1, Gomez Company collected $12,600 in advance from a customer for services...

    On September 1, Year 1, Gomez Company collected $12,600 in advance from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year 1? $12,600; $12,600 $4200; $4200 $0; $12,600 $4200; $12,600

  • Gomez Company collected $21,000 on September 1, Year 1 from a customer for services to be...

    Gomez Company collected $21,000 on September 1, Year 1 from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would it report as cash flows from operating activities for Year 1? Ask Multiple Choice Print $7,000: $7,000 $21,000 $21.000 $7,000; $21,000 $0 $21,000

  • Gomez Company collected $21,000 on September 1. Year 1 from a customer for services to be...

    Gomez Company collected $21,000 on September 1. Year 1 from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would it report as cash flows from operating activities for Year 1? points Multiple Choice 8 00:23:27 O $7,000; $7,000 $21,000; $21,000 $7,000 $21,000 $0: $21,000 Prox 1 of 5...

  • 11C1 1-3) 1 TB MC Qu. 02-54 on September 1, Year 1, Gomez Company... On September...

    11C1 1-3) 1 TB MC Qu. 02-54 on September 1, Year 1, Gomez Company... On September 1, Year 1, Gomez Company collected $20,700 in advance from a customer for services to be provided over a one- year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year...

  • On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200....

    On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200. During the year, the company purchased $3,400 of supplies on account and made partial payments totaling $3,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,400 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice $1,600 of supplies: $200 of supplies expense $1,400 of supplies: $2,000 of supplies expense...

  • On September 8, a company provides services on account to a customer for $1,800, terms 5/10,...

    On September 8, a company provides services on account to a customer for $1,800, terms 5/10, 1/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the service revenue on account. Note:...

  • On September 8, a company provides services on account to a customer for $2,700, terms 4/10,...

    On September 8, a company provides services on account to a customer for $2,700, terms 4/10, n/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the cash collected....

  • On September 8, a company provides services on account to a customer for $1,800, terms 3/10,...

    On September 8, a company provides services on account to a customer for $1,800, terms 3/10, n/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the service revenue...

  • 18 On September 8, a company provides services on account to a customer for $1,800, terms...

    18 On September 8, a company provides services on account to a customer for $1,800, terms 4/10. n/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field) 7 points View transaction list 02:10:41 Journal entry worksheet < 1...

  • Betson, Inc. had the following transactions for September: 1. Collected a $46,000 payment in advance for...

    Betson, Inc. had the following transactions for September: 1. Collected a $46,000 payment in advance for work to be performed in October. 2. Paid $6,000 for rent covering September through November 3. Performed services, received 25% now and billed customer for the rest. 4. Incurred utility charges of $3,000; paid some now and will pay the rest in October 5. Collected $8,000 of previous billing to customer (from M3) Betson's management calculates net income under both cash basis and accrual...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT