Homework Answers
Cash basis revenues:
| Cash collections in 2021 for accounts billed in 2020 | $23,000 |
| Cash collections in 2021 for accounts billed in 2021 | 260,000 |
| Cash basis revenues | $283,000 |
Cash basis expenses:
| Cash paid for supplies purchased in 2021 | $18,000 |
| Cash paid for salaries in 2021 | 12,000 |
| Cash paid for annual rent on March 1, 2021 | 19,000 |
| Cash basis expenses | $49,000 |
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The following data are taken from the cash-basis accounting records of Myerson Company for the...
Saved The following data are taken from the cash-basis accounting records of Myerson Company for the...
Saved The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2021: Selected Data as of December 31, 2021 Customers billed in 2021 for services provided Cash collections in 2021 for accounts billed in 2020 Cash collections in 2021 for accounts billed in 2021 Cash paid for supplies purchased in 2021 Supplies remaining at the end of 2021 Cash paid for salaries in 2021 Cash paid for annual rent on March...
The following data are taken from the cash-basis accounting records of Wilson Company for the year...
The following data are taken from the cash-basis accounting records of Wilson Company for the year ended December 31, 2021: Selected Data as of December 31, 2021 Customers billed in 2021 for services provided $400,000 Cash collections in 2021 for accounts billed in 2020 20,000 Cash collections in 2021 for accounts billed in 2021 300,000 Cash paid for supplies purchased in 2021 12,000 Supplies remaining at the end of 2021 2,000 Cash paid for salaries in 2021 10,000 Cash paid...
iz #1 Help Save & Exit S The following data are taken from the cash-basis accounting...
iz #1 Help Save & Exit S The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2021 Selected Date as of December 31, 2021 Customers billed in 2021 for services provided Cash collections in 2021 for accounts billed in 2020 Cash collections in 2021 for accounts billed in 2021 Cash paid for supplies purchased in 2021 Supplies remaining at the end of 2021 Cash paid for salaries in 2021 Cash...
Selected Data as of December 31, 2021 Customers billed in 2021 for services provided Cash collections...
Selected Data as of December 31, 2021 Customers billed in 2021 for services provided Cash collections in 2021 for accounts billed in 2020 Cash collections in 2021 for accounts billed in 2021 Cash paid for supplies purchased in 2021 Supplies remaining at the end of 2021 Cash paid for salaries in 2021 Cash paid for annual rent on March 1, 2021 $460,000 25,000 260,000 17,000 2,800 12,000 26,000 Calculate the amount of revenues and expenses for 2021 under accrual basis...
Problem 3-2A Convert cash-basis accounting to accrual-basis accounting (LO3-1, 3-2) Minutemen Law Services maintains its books...
Problem 3-2A Convert cash-basis accounting to accrual-basis accounting (LO3-1, 3-2) Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Minutemen to provide annual financial statements prepared using accrual basis accounting as part of the credit worthiness verification. During 2021, the company records the following cash flows: $61,000 Cash collected from customers Cash paid for: Salaries Supplies Rent Insurance Utilities Net cash flows $35, 100 3,100...
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of acc...
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting Revenues earned for the period Cash collected on account Cash paid for expenses Accounts payable Prepaid rent for next period $45,000 12,000 26,000 3,000 7,000 18,000 15,000 19,000 7,000
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting Revenues earned for the period Cash collected...
Cash-Basis and Accrual-Basis Accounting The records of Summers Building Company reveal the following information for 2018....
Cash-Basis and Accrual-Basis Accounting The records of Summers Building Company reveal the following information for 2018. a. Cash receipts during 2018 (including $50,000 paid by shareholders in exchange for common shares) were $246,410. b. Cash payments during 2018 (including $14,800 of dividends paid to shareholders) were $164,850. C. Total selling price of services billed to customers during 2018 was $222,300. d. Salaries earned by employees during 2018 were $93,000. e. Cost of supplies used during 2018 in operation of the...
Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000...
Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Minutemen to provide annual financial statements prepared using accrual basis accounting as part of the credit worthiness verification. During 2021, the company records the following cash flows: $62,000 eBook Cash collected from customers Cash paid for: Salaries Supplies Rent Insurance Utilities Net cash flows Print $35,200 3,200 4,200 6,280 2,200 $1,000 $11,000 ferences You are able...
Question 3 AC Corp. maintains its financial records on the cash basis of accounting. AC Corp....
Question 3 AC Corp. maintains its financial records on the cash basis of accounting. AC Corp. is trying to secure financing from an investor who wishes to see the financial information on accrual basis. You, the CPA of the firm, have been requested to convert the financial information to accrual basis. You are provided with the following summarized data covering 2016, 2017, and 2018 by the firm. 2016 2017 2018 Cash Receipts from Sales On 2016 Sales $180,000 $55,000 $12,000...
Your examination of the records of a company that follows the cash basis of accounting tells...
Your examination of the records of a company that follows the cash basis of accounting tells you that the company’s reported cash-basis earnings in 2022 are $39,699. If this firm had followed accrual-basis accounting practices, it would have reported the following year-end balances. 2022 2021 Accounts receivable $4,012 $3,304 Supplies on hand 1,534 1,719 Unpaid wages owed 2,360 2,832 Other unpaid expenses 1,652 1,298 Determine the company’s net earnings on an accrual basis for 2022. Net earnings on an accrual...
Saved The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2021: Selected Data as of December 31, 2021 Customers billed in 2021 for services provided Cash collections in 2021 for accounts billed in 2020 Cash collections in 2021 for accounts billed in 2021 Cash paid for supplies purchased in 2021 Supplies remaining at the end of 2021 Cash paid for salaries in 2021 Cash paid for annual rent on March...
iz #1 Help Save & Exit S The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2021 Selected Date as of December 31, 2021 Customers billed in 2021 for services provided Cash collections in 2021 for accounts billed in 2020 Cash collections in 2021 for accounts billed in 2021 Cash paid for supplies purchased in 2021 Supplies remaining at the end of 2021 Cash paid for salaries in 2021 Cash...
Selected Data as of December 31, 2021 Customers billed in 2021 for services provided Cash collections in 2021 for accounts billed in 2020 Cash collections in 2021 for accounts billed in 2021 Cash paid for supplies purchased in 2021 Supplies remaining at the end of 2021 Cash paid for salaries in 2021 Cash paid for annual rent on March 1, 2021 $460,000 25,000 260,000 17,000 2,800 12,000 26,000 Calculate the amount of revenues and expenses for 2021 under accrual basis...
Problem 3-2A Convert cash-basis accounting to accrual-basis accounting (LO3-1, 3-2) Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Minutemen to provide annual financial statements prepared using accrual basis accounting as part of the credit worthiness verification. During 2021, the company records the following cash flows: $61,000 Cash collected from customers Cash paid for: Salaries Supplies Rent Insurance Utilities Net cash flows $35, 100 3,100...
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting Revenues earned for the period Cash collected on account Cash paid for expenses Accounts payable Prepaid rent for next period $45,000 12,000 26,000 3,000 7,000 18,000 15,000 19,000 7,000
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting Revenues earned for the period Cash collected...
Cash-Basis and Accrual-Basis Accounting The records of Summers Building Company reveal the following information for 2018. a. Cash receipts during 2018 (including $50,000 paid by shareholders in exchange for common shares) were $246,410. b. Cash payments during 2018 (including $14,800 of dividends paid to shareholders) were $164,850. C. Total selling price of services billed to customers during 2018 was $222,300. d. Salaries earned by employees during 2018 were $93,000. e. Cost of supplies used during 2018 in operation of the...
Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Minutemen to provide annual financial statements prepared using accrual basis accounting as part of the credit worthiness verification. During 2021, the company records the following cash flows: $62,000 eBook Cash collected from customers Cash paid for: Salaries Supplies Rent Insurance Utilities Net cash flows Print $35,200 3,200 4,200 6,280 2,200 $1,000 $11,000 ferences You are able...
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