a | Computation of Net Income under cash basis | |
Total Cash Receipt | $ 1,05,000 | |
Less:Total Cash expenses | $ 72,000 | |
Net Income | $ 33,000 | |
b | Computation of Net Income under accrual basis | |
Income
recognized: For 2019-$105,000-$25,000 =$80,000+$40,000 =$120,000 |
$ 1,20,000 | |
Less:Expenses incurred: For 2019-$72,000-$30,000+$42,000 =$84,000 |
$ 84,000 | |
Net Income | $ 36,000 | |
please help CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION « BACK NEXT Exercise 3-03 Primo...
CALCULATOR PRINTER VERSION BACK NEXT Exercise 3-03 Carla Vista Industries collected $104,000 from customers in 2020. Of the amount collected, $24,000 was for services performed in 2019. In addition, Carla Vista performed services worth $39,000 in 2020, which will not be collected until 2021. Carla Vista Industries also paid $74,000 for expenses in 2020. Of the amount paid, $30,700 was for expenses incurred on account in 2019. In addition, Carla Vista incurred $43,600 of expenses in 2020, which will not...
Primo Industries collected $105,000 from customers in 2020. Of the amount collected, $25,000 was for services performed in 2019. In addition, Primo performed services worth $40,000 in 2020, which will not be collected until 2021. Primo Industries also paid $72,000 for expenses in 2020. Of the amount paid, $30,000 was for expenses incurred on account in 2019. In addition, Primo incurred $42,000 of expenses in 2020, which will not be paid until 2021. a) Compute 2020 cash-basis net income. ...
Exercise 3-3 Sunland Industries collected $105,000 from customers in 2019. Of the amount collected, $24,400 was for services performed in 2018. In addition, Sunland performed services worth $38,100 in 2019, which will not be collected until 2020. Sunland Industries also paid $73,200 for expenses in 2019. Of the amount paid, $31,000 was for expenses incurred on account in 2018. In addition, Sunland incurred $41,100 of expenses in 2019, which will not be paid until 2020. Compute 2019 cash-basis net income....
The adjusted trial balance of Parsons Company at December 31, 2020, includes the following accounts: Common Stock $15,600, Dividends $7,000, Service Revenue $37,000, Salaries and Wages Expense $16,000, Insurance Expense $2,000, Rent Expense $4,000, Supplies Expense $1,500, and Depreciation Expense $1,300. The balance in Common Stock is the balance as of January 1. Prepare a retained earnings statement for the year assuming net income is $12,200 for the year and Retained Earnings is $7,240 on January 1. (List items that...
Exercise 3-3 x Your answer is incorrect. Try again. Tamarisk Industries collected $105,000 from customers in 2019. Of the amount collected, $25,400 was for services performed in 2018. In addition, Tamarisk performed services worth $38,800 in 2019, which will not be collected until 2020. Tamarisk Industries also paid $71,800 for expenses in 2019. Of the amount paid, $29,500 was for expenses incurred on account in 2018. In addition, Tamarisk incurred $43,000 of expenses in 2019, which will not be paid...
Blossom Industries collected $105,000 from customers in 2019. of the amount collected, $24,600 was for services performed in 2018. In addition, Blossom performed services worth $40,100 in 2019, which will not be collected until 2020 Blossom Industries also paid $72,200 for expenses in 2019. of the amount paid, $29,800 was for expenses incurred on account in 2018. In addition, Blossom incurred $43,000 of expenses in 2019, which will not be paid until 2020. Compute 2019 cash-basis net income. Cash-basis net...
Swifty Industries collected $106,000 from customers in 2019. Of the amount collected, $24,000 was for services performed in 2018. In addition, Swifty performed services worth $38,000 in 2019, which will not be collected until 2020. Swifty Industries also paid $70,500 for expenses in 2019. Of the amount paid, $30,700 was for expenses incurred on account in 2018. In addition, Swifty incurred $42,700 of expenses in 2019, which will not be paid until 2020. (a) Compute 2019 cash-basis net income. Cash-basis...
Carillo Painting collected £104,000 from customers in 2020. Of the amount collected, £24,000 was for services performed in 2019. In addition, Carillo performed services worth £39,000 of revenue in 2020, which will not be collected until 2021. Carillo Painting also paid £74,000 for expenses in 2020. Of the amount paid, £30,700 was for expenses incurred on account in 2019. In addition, Carillo incurred £43,600 of expenses in 2020, which will not be paid until 2021. (a) Compute 2020 cash-basis net...
Current Attempt in Progress Monty Industries collected $105.000 from customers in 2020 of the amount collected $24 300 w in 2019. In addition Monty performed services worth $39 200 in 2020, which will not be collected o med 2021 Monty Industries also paid $70,200 for expenses in 2020. Of the amount paid 529 800 was for in 2019. In addition Monty incurred $43.900 of expenses in 2020, which will not be paid until 2021 ed con Compute 2020 cash-basis net...
Wildhorse Industries collected $117,600 from customers in 2022.
Of the amount collected, $28,000 was for services performed in
2021. In addition, Wildhorse performed services worth $44,800 in
2022, which will not be collected until 2023.
Wildhorse Industries also paid $80,640 for expenses in 2022. Of the
amount paid, $33,600 was for expenses incurred on account in 2021.
In addition, Wildhorse incurred $47,040 of expenses in 2022, which
will not be paid until 2023
.
Wildhorse Industries collected $117,600 from customers...