If sales on an accrual basis are 500,000 and accounts receivable increased by 30,000, the cash...
If sales on an accrual basis are 500,000 and accounts receivable increased by 30,000, the cash received from customers would be: Select one or more: a. 530,000. b. 470,000. c. 500,000. d. Cannot be determined
Homework Answers
Answer is B that is 4,70,000
Total accrual sales 5,00,000
Less Accounts receivable at the end 30,000
Therefore cash recd from customers 4,70,000
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If sales on an accrual basis are 500,000 and accounts receivable
increased by 30,000, the cash...
Question 11 Headland Co. reported sales on an accrual basis of $96,000. If accounts receivable increased $33,000 and the...
Question 11 Headland Co. reported sales on an accrual basis of $96,000. If accounts receivable increased $33,000 and the allowance for doubtful accounts increased $8,600 after a write-off of $2,600, compute cash sales. Cash sales:
Which items are SUBTRACTED when reconciling from "Cash Collected from Customers" to "Accrual-basis Sales Revenue"? Select...
Which items are SUBTRACTED when reconciling from "Cash Collected from Customers" to "Accrual-basis Sales Revenue"? Select one: a. Increases in Accounts Receivable and increases in Accounts Payable b. Increases in Accounts Receivable, but not increases in Accounts Payable c. Increases in Accounts Payable, but not increases in Accounts Receivable d. Neither increases in Accounts Receivable nor increases in Accounts Payable
Question 4 (1 point) A company has $500,000 in sales and the Accounts Receivable balance increased...
Question 4 (1 point) A company has $500,000 in sales and the Accounts Receivable balance increased from $15,000 in 2018 to $25,000 in 2019. What is the total cash receipts from customers? $475,000 O $510,000 O $490,000 $525,000
Consider the following 1 Assume cost of goods sold on an accrual basis is 300,000, accounts...
Consider the following
1 Assume cost of goods sold on an accrual basis is 300,000, accounts payable increased by 20,000, and inventory increased by 50,000. Cash paid for merchandise is: Select one or more: I a. 230,000. b. 370,000 I c. 330,000 I d. 270,000 2 Investing activities include all of the following except: Select one or more: I a. Sale of available-for-sale and held-to-maturity securities. b. Making of loans. I c. Collection of loans. d. Payment of debt.
Use the following to answer questions 1-4 A company maintains its records using accrual basis accounting;...
Use the following to answer questions 1-4 A company maintains its records using accrual basis accounting; however, their accountant wants to create a statement of cash flows and needs to determine the cash flow from operating activities. For simplicity, we assume only one expense account (salaries). The following is data gathered from their records. Services provided to customers during the period Salaries expense for the period Accounts receivable (beginning balance) Accounts receivable (ending balance) Salaries payable beginning balance) Salaries pavable...
1) If a company is using accrual basis accounting, when should it record revenue? A) when...
1) If a company is using accrual basis accounting, when should it record revenue? A) when cash is received, even though services may be performed at a later date B) when services are performed, even though cash may be received at a later date C) before services are performed D) when cash is received, 30 days after the completion of the services 2) When does a company account for revenue if it uses cash basis accounting? A) when services are...
M3-2 Reporting Cash Basis versus Accrual Basis Income [LO 3-2] Mostert Music Company had the following...
M3-2 Reporting Cash Basis versus Accrual Basis Income [LO 3-2] Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $11,400; received $6,800 in cash and the rest on account. b. Paid $655 in wages for the month. c. Received a $620 bill for utilities that will be paid in April. d. Received $3,250 from customers as deposits on music lessons to be given in April. Based on the information above, prepare a cash...
Henry Company's Accounts Receivable increased by $800 during the year. If they also reported Net Credit...
Henry Company's Accounts Receivable increased by $800 during the year. If they also reported Net Credit Sales of $29,800, how much cash was received from their credit customers? A) $26,400. B) $29,000. C) $29,800. D) $30,600. E) $32,400.
Accrual- and Cash-Basis Accounting The following are several transactions for Halpin Advertising Company. a. Purchased $1,000...
Accrual- and Cash-Basis Accounting The following are several transactions for Halpin Advertising Company. a. Purchased $1,000 of supplies. b. Sold $5,000 of advertising services, on account, to customers. c. Used $250 of supplies. d. Collected $3,000 from customers in payment of their accounts. e. Purchased equipment for $10,000 cash. f. Recorded $500 depreciation on the equipment for the current period. Required: Identify the effect, if any, that each of the above transactions would have on net income under cash-basis accounting...
1.Given the following: What is accrual-basis expenses? Select one: a. $45 b. $63 c. $55 d....
1.Given the following:
What is accrual-basis expenses?
Select one:
a. $45
b. $63
c. $55
d. $52
e. $37
2.Venice Corp. maintains its accounting records on the cash
basis but restates its financial statements to the accrual method
of accounting. Venice had $120,000 in cash-basis pretax income for
2018. The following information pertains to Venice's operations for
the years ended December 31, 2018 and 2017:
Under the accrual method, what amount of income before taxes should
Venice report on its...
Question 4 (1 point) A company has $500,000 in sales and the Accounts Receivable balance increased from $15,000 in 2018 to $25,000 in 2019. What is the total cash receipts from customers? $475,000 O $510,000 O $490,000 $525,000
Consider the following
1 Assume cost of goods sold on an accrual basis is 300,000, accounts payable increased by 20,000, and inventory increased by 50,000. Cash paid for merchandise is: Select one or more: I a. 230,000. b. 370,000 I c. 330,000 I d. 270,000 2 Investing activities include all of the following except: Select one or more: I a. Sale of available-for-sale and held-to-maturity securities. b. Making of loans. I c. Collection of loans. d. Payment of debt.
Use the following to answer questions 1-4 A company maintains its records using accrual basis accounting; however, their accountant wants to create a statement of cash flows and needs to determine the cash flow from operating activities. For simplicity, we assume only one expense account (salaries). The following is data gathered from their records. Services provided to customers during the period Salaries expense for the period Accounts receivable (beginning balance) Accounts receivable (ending balance) Salaries payable beginning balance) Salaries pavable...
1) If a company is using accrual basis accounting, when should it record revenue? A) when cash is received, even though services may be performed at a later date B) when services are performed, even though cash may be received at a later date C) before services are performed D) when cash is received, 30 days after the completion of the services 2) When does a company account for revenue if it uses cash basis accounting? A) when services are...
M3-2 Reporting Cash Basis versus Accrual Basis Income [LO 3-2] Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $11,400; received $6,800 in cash and the rest on account. b. Paid $655 in wages for the month. c. Received a $620 bill for utilities that will be paid in April. d. Received $3,250 from customers as deposits on music lessons to be given in April. Based on the information above, prepare a cash...
Accrual- and Cash-Basis Accounting The following are several transactions for Halpin Advertising Company. a. Purchased $1,000 of supplies. b. Sold $5,000 of advertising services, on account, to customers. c. Used $250 of supplies. d. Collected $3,000 from customers in payment of their accounts. e. Purchased equipment for $10,000 cash. f. Recorded $500 depreciation on the equipment for the current period. Required: Identify the effect, if any, that each of the above transactions would have on net income under cash-basis accounting...
1.Given the following:
What is accrual-basis expenses?
Select one:
a. $45
b. $63
c. $55
d. $52
e. $37
2.Venice Corp. maintains its accounting records on the cash
basis but restates its financial statements to the accrual method
of accounting. Venice had $120,000 in cash-basis pretax income for
2018. The following information pertains to Venice's operations for
the years ended December 31, 2018 and 2017:
Under the accrual method, what amount of income before taxes should
Venice report on its...
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