1. Income before income taxes: $92,420
Service revenue | 691100 | |
Less: | ||
Operating expense | 437600 | |
Interest expense | 135500 | |
Supplies expense | 25580 | 598680 |
Income before income taxes $ | 92420 |
2. Ending balance of accounts receivable = $45800 + $691100 - $708700 = $28200
Supplies used = $13210 + $14600 - $2230 = $25580
Exercise 3-44 (Algorithmic) Revenue Expense and Recognition Carrico Advertising Inc, performs advertising services for several Fortune...
Exercise 3-44 (Algorithmic) Revenue Expense and Recognition Carrico Advertising Inc. performs advertising services for several Fortune 500 companies. The following information describes Carrico's activities during 2019. a. At the beginning of 2019, customers owed Carrico $45,800 for advertising services performed during 2018. During 2019, Carrico performed an additional $693,700 of advertising services on account. Carrico collected $708,700 cash from customers during 2019. b. At the beginning of 2019, Carrico had $13,280 of supplies on hand for which it owed suppliers...
Revenue Expense and Recognition Carrico Advertising Inc. performs advertising services for several Fortune 500 companies. The following information describes Carrico's activities during 2019. a. At the beginning of 2019, customers owed Carrico $45,800 for advertising services performed during 2018. During 2019, Carrico performed an additional $704,700 of advertising services on account. Carrico collected $708,700 cash from customers during 2019. b. At the beginning of 2019, Carrico had $12,560 of supplies on hand for which it owed suppliers $8,150. During 2019,...
Revenue Expense and Recognition Carrico Advertising Inc. performs advertising services for several Fortune 500 companies. The following information describes Carrico's activities during 2019. a. At the beginning of 2019, customers owed Carrico $45,800 for advertising services performed during 2018. During 2019, Carrico performed an additional $699,200 of advertising services on account. Carrico collected $708,700 cash from customers during 2019. b. At the beginning of 2019, Carrico had $13,630 of supplies on hand for which it owed suppliers 58,150. During 2019,...
please help
d Recognition nc. performs advertising services for several Fortune 500 companies. The following information describes Carrico's activities during 2019. of 2019, customers owed Carrico $45,800 for advertising services performed during 2018. During 2019, Carrico performed an additional $695, 100 ico collected $708,700 cash from customers during 2019. of 2019, Carrico had $13,350 of supplies on hand for which it owed suppliers $8,150. During 2019, Carrico purchased an additional $14,600 of sup $19,300 cash owed to suppliers for goods...
please help
d Recognition nc. performs advertising services for several Fortune 500 companies. The following information describes Carrico's activities during 2019. of 2019, customers owed Carrico $45,800 for advertising services performed during 2018. During 2019, Carrico performed an additional $695, 100 ico collected $708,700 cash from customers during 2019. of 2019, Carrico had $13,350 of supplies on hand for which it owed suppliers $8,150. During 2019, Carrico purchased an additional $14,600 of sup $19,300 cash owed to suppliers for goods...
How would I calculate Carrico's 2019 income before
taxes? please help
nd Recognition Inc. performs advertising services for several Fortune 500 companies. The following information describes Carrico's activities during 2019. of 2019, customers owed Carrico $45,800 for advertising services performed during 2018. During 2019, Carrico performed an additional $695 Tico collected $708,700 cash from customers during 2019. g of 2019, Carrico had $13,350 of supplies on hand for which it owed suppliers $8,150. During 2019, Carrico purchased an additional $14,600...
Journalizing and Posting Transactions Instructions Chart Of Accounts General Journal T-Accounts Instructions Findlay Testing Inc. provides water testing and maintenance services for owners of hot tubs and swimming pools. During September the following transactions occurred: September Transactions: Sept. 1 2 5 8 13 18 Issued common stock for $20,000. Purchased chemical supplies for $1,880 cash. Paid office rent for October, November, and December, the rent is $800 per month Purchased $1,290 of advertising for September on account. Billed the city...
Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 52,964 47,138 7,923 2,424 5,270 42,901 1,340 20,656 2,648 The following activities occurred in 2019: 1. Performed advertising services on account, $62,650, 2. Received cash payments on account, $12,000. 3. Received deposits from customers for advertising services to be performed in 2020, $3,600. 4. Made payments to suppliers on account, $5,270. 5. Incurred $51,300 of operating expenses: $44,500 was paid in cash...
Exercise 3-52 Adjusting Entries Allentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019. The following data are available: a. Interest is owed at December 31, 2019, on a 6-month, 8% note. Allentown borrowed $120,000 from NBD on September 1, 2019. b. Allentown provides daily building maintenance services to Mack Trucks for a quarterly fee of $2,700 payable on the fifteenth of the month following the end of each quarter. No entries have been made for...
Allentown Services Inc. is preparing adjusting entries for the year ending December 31, 2019. The following data are available: a. Interest is owed at December 31, 2019, on a 6-month, 8% note. Allentown borrowed $106,800 from NBD on September 1, 2019 b. Allentown provides daily building maintenance services to Mack Trucks for a quarterly fee of $2,900, payable on the fifteenth of the month following the end of each quarter. No entries have been made for the services provided to...