ZuoTi.Pro
Question

à homework1-2019 a Search in Document Home Insert Draw Design Layout References Mailings Review View Share P comments 龟.da | Times New v 12 v AA Aa v Ap -v-v-v -- 2+ Heading 1 Strong No SpscingSube E Cash vs. Acerual Accounting 1, Consider the amount and timing of the following transactions made by I.M. Farmer Novembat 2018 Purchased, paid for and applied fertilizer for the 2019 grain crop $38,000. b. March 2019 Purchased and paid for seed, chemicals, fuel, other variable costs. $65,000 c. Oetober 2019 Purchased and charged to account fuel for drying. $4,000. d. November 2019 Part of grain sold for S72,000. Rest placed in storage, valued at S70,000. e. December 31, 2019 Accrued interest totals $1,200, f January 2020 Paid bill for fuel used to dry grain $4,000 8. January 2020 Paid accrued interest, $1,200. h. May 2020 Remaining 2014 grain sold. S65,000. A) What is the 2019 profit under cash accounting? (Show work) B) What is the 2019 profit under accrual accounting? (Show work.) C) Which system is the most accurate reflection of actual farm profit? Why Page 1 of 1 155 words English | United States) Focus + 100%What is the solution for question A?

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Under cash basis of accounting, revenue is recorded only when cash is received and expenses are recorded only when is paid for. Calculation of 2019 profit under cash basis of accounting Amount Revenue Sale of grain (received in cash) $72,000 Less: Cash expenses In March 2019 $65,000 profit $7,000 Profit for the year 2019 = $7,000

0 0
Add a comment
Know the answer?
Add Answer to:
What is the solution for question A? à homework1-2019 a Search in Document Home Insert Draw...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

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

  • What is the solution for question B? à homework1-2019 a Search in Document Home Insert Draw...

    What is the solution for question B? à homework1-2019 a Search in Document Home Insert Draw Design Layout References Mailings Review View Share P comments 龟.da | Times New v 12 v A"A" Aa v Ap -v-v-v -- 2+ Heading 1 Strong No SpscingSube E Cash vs. Acerual Accounting 1, Consider the amount and timing of the following transactions made by I.M. Farmer Novembat 2018 Purchased, paid for and applied fertilizer for the 2019 grain crop $38,000. b. March 2019...

  • What is the solution for question C? à homework1-2019 a Search in Document Home Insert Draw...

    What is the solution for question C? à homework1-2019 a Search in Document Home Insert Draw Design Layout References Mailings Review View Share P comments 龟.da | Times New v 12 v A"A" Aa v Ap -v-v-v -- 2+ Heading 1 Strong No SpscingSube E Cash vs. Acerual Accounting 1, Consider the amount and timing of the following transactions made by I.M. Farmer Novembat 2018 Purchased, paid for and applied fertilizer for the 2019 grain crop $38,000. b. March 2019...

  • What is the solution for question B? à homework1-2019 a Search in Document Home Insert Draw...

    What is the solution for question B? à homework1-2019 a Search in Document Home Insert Draw Design Layout References Mailings Review View Share P comments 龟.da | Times New v 12 v A"A" Aa v Ap -v-v-v -- 2+ Heading 1 Strong No SpscingSube E Cash vs. Acerual Accounting 1, Consider the amount and timing of the following transactions made by I.M. Farmer Novembat 2018 Purchased, paid for and applied fertilizer for the 2019 grain crop $38,000. b. March 2019...

  • What is answer to question C? homework1-2019- Saved to my Mac a Search in Document Home...

    What is answer to question C? homework1-2019- Saved to my Mac a Search in Document Home Insert Draw Design Layout References Mailings Review View iCloud Storage is Almost Full Upprado your storage to keep using Cloud Upgrade Times New v 12 v A"A" Aa v Ap -v-v-v -- 2+ Not Now Styles Emphasis Heading 1 Strong Subtit No SpscingSube E Cash vs. Accrual Accounting 1. Consider the amount and timing of the following transactions made by IM. Farmer a.Novcmber 2018...

  • 1. Consider the amount and timing of the following transactions made by I.M. Farmer. a.November 2018...

    1. Consider the amount and timing of the following transactions made by I.M. Farmer. a.November 2018 Purchased, paid for and applied fertilizer for the 2019 grain crop. $38,000. b. March 2019 Purchased and paid for seed, chemicals, fuel, other variable costs. $65,000. c. October 2019 Purchased and charged to account fuel for drying. $4,000. d. November 2019 Part of grain sold for $72,000. Rest placed in storage, valued at $70,000. e. December 31, 2019 Accrued interest totals $1,200. f. January...

  • B ACCT2010 Chapter 02 - Homewe Tell me what you want to do Home Insert Page...

    B ACCT2010 Chapter 02 - Homewe Tell me what you want to do Home Insert Page Layout Formulas Data Review View Add-ins ACROBAT Team PROTECTED VIEW Be carefules from the Internet can contain viruses. Unless you need to edit, it's safe to stay in Protected View Enable Editing H E2-10A H1 fo E2-10A С А D E G 1a) Identify which of the following accounts are temporary (will be closed to retained Earnings at the end of the year) and...

  • Accountancy

    Harjot worked for Soul Ltd as a music producer until 31 July 2019. He earned a salary of £46,200 per annum (PAYE £4,000) and received the following benefits:From 6 April 2019 until 31 July 2019, Soul Ltd provided Harjot with a petrol motor car.  The motor car cost Soul Ltd £24,000 and had carbon dioxide emissions of 143g/km.  Soul Ltd also provided Harjot with fuel for private journeys.  Harjot returned the car on leaving the company on 31 July 2019.On 30 April 2019,...

  • Q Search Sheet 9+ Share Σ AutoSum , 49 Q H Fill .00 0 Insert Delete...

    Q Search Sheet 9+ Share Σ AutoSum , 49 Q H Fill .00 0 Insert Delete Format .00 Conditional Format Formatting as Table Cell Styles Clear Sort & Filter Find & Select Home Insert Draw Page Layout Formulas Data Review View X Cut Calibri (Body) 11 A- A+ Wrap Text General Copy Paste Β Ι Ο А = + Format Merge & Center $ B6 4 X v fx The following is a list of transactions for 2020 for Amazing...

  • SECTION A (40 marks): Answer ALL Questions in this section. QUESTION ONE a) Aseda Ltd incurred...

    SECTION A (40 marks): Answer ALL Questions in this section. QUESTION ONE a) Aseda Ltd incurred the following cost in its manufacturing operations GH¢ Cost of material purchase 20,000 Import duties 400 Trade discount @10% of purchase cost Cash discount 500 Irrecoverable taxes 1,000 Salary of factory plant operator 2,500 Direct labour 5,000 Salary of factory supervisor 4,000 Cost of expected production losses 800 Administrative overhead (Note) 16,000 Cost of storage of raw material for further processing 2,000 Marketing cost...

  • income tax

    Angie's Amazing Getups Incorporated is a Canadian controlled private corporation with a head office in London, Ontario. The company is a manufacturer of high end custom costumes and makeup used in movie and theatre productions with sales in Canada and the U.S.The company started in business in 2015 when the sole shareholder, Angela Q. Snodgrass, was photographed by the paparazzi after a particularly enthusiastic night of partying. When Angela saw herself on the front page of every tabloid newspaper the...

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