Homework Answers
Calculation of Revenue recognised by John's pizza in may 2018 Using accrual basis of accounting
Answer is $ 48000
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2) Revenue to be recognised using cash basis of accounting
Answer is $ 56000
Refer following image for calculations
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Homework#7: Calculate (below) the total Revenue Recognized by Papa John's Pizza in May 2018 using Accrual...
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...
Homework#6: Silo Company had the following transactions during Dec. 2018. Earned services revenue on account $4,500,...
Homework#6: Silo Company had the following transactions during Dec. 2018. Earned services revenue on account $4,500, Collected $2,000 in cash for services performed. Paid $1,325 cash in salaries, Purchased airline tickets for $250 cash for a trip in Aug. 2019. Instructions: What is Net Income using Accrual and Cash basis of accounting? Homework #6: Silo Company ACCRUAL BASIS Accrual Basis Income Statements Revenues Operating Expenses Total Operating Expenses Net Income CASH BASIS Revenues Cash Basis Operating Expenses Total Operating Expenses...
Chapter 2 - Accrual Accounting Practice Problem - Revenue On May 1, 2017, ABC Company signed...
Chapter 2 - Accrual Accounting Practice Problem - Revenue On May 1, 2017, ABC Company signed a contract to provide 1 year of marketing research services to Anderson Company starting on May 1. Anderson Company paid the full year's price of $12,000 in cash on May 1. Prepare the entry that ABC Company should make on May 1" to record this event. 2. Record this event/entry in the Horizontal Financial Statement format below. Add any account titles/headings you need in...
Unadjusted Financial Statements income Statement For the Year Ended December 31, 2017 Service revenue $70,600.00 Wages...
Unadjusted Financial Statements income Statement For the Year Ended December 31, 2017 Service revenue $70,600.00 Wages expense 44,300.00 Net income $26,300.00 Cole Designs Inc. Balance Sheet December 31, 2017 Assets Cash $5,000.00 Accounts receivable 32,600.00 Supplies 3,650.00 5 Prepaid insurance 4,000.00 6 Office equipment 11,000.00 Total assets $56,250.00 Liabilities Unearned revenue $9,500.00 Stockholders' Equity Common stock $12,000.00 12 Retained earnings 34,750.00 46,750.00 13 Total liabilities and stockholders'equity $56,250.00 Cole Designs Inc. Income Statement For the Year Ended December 31, 2017...
74 Edmond Survey of Accounting Se (2018) - Full color sohbound 74 Chapter 2 QUESTIONS ity,...
74 Edmond Survey of Accounting Se (2018) - Full color sohbound 74 Chapter 2 QUESTIONS ity, and statement of cachows are dated with the phrase for the period ended 28. In what order areas listed on the balance 1. What does accrual 10. Oive an example of an accounting attempt to exchange transaction accomplish? What is the effect of this 2. Define mention. How is transaction on the account i independent of collecting ing equation or paying cach? 11. What...
accounting 200 financial statement homework #1 Graves Company Unadjusted Trial Balance December 31, 2018 116,000 30,000...
accounting 200
financial statement homework #1
Graves Company Unadjusted Trial Balance December 31, 2018 116,000 30,000 6,000 18,000 110,600 15,000 75,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 40,000 9,000 13,500 11,500 48,000 41,000 37,600 5,000 472,000 14,000 38,000...
Please help! Exercise 10! Exercise#10-PREPAID EXPENSES: Darting Inc. P on January 1, 2018. The user Instructions:...
Please help! Exercise 10!
Exercise#10-PREPAID EXPENSES: Darting Inc. P on January 1, 2018. The user Instructions: A. Record the journal entry for the B. What is the adjusting entry to uary 1, 2018. The useful life of the computer system is 5 years ENSES: Darting Inc. purchased a computer system for $7,200 une journal entry for the purchase of the asset - Equipment - Computer. the adjusting entry to record the January 31 monthly depreciation expense using the straight-line method...
1.Which of the following statements is true regarding the new ASC Topic 606 for revenue recognition?...
1.Which of the following statements is true regarding the new ASC Topic 606 for revenue recognition? Multiple Choice The focus is on when the firm has earned the consideration to which it is entitled. Early adoption is not allowed. The new rules are more rules-based than principle-oriented. Under IFRS, both public and non-public firms must adopt by 2018 2.Assuming the requirements for recognizing revenue over time are met, the measure of completion is computed by dividing Multiple Choice profits earned...
Cheese Pouf Catering, Inc. Year ending December 31, 2017 At 11:00 PM New Year's Eve, Judy...
Cheese Pouf Catering, Inc. Year ending December 31, 2017 At 11:00 PM New Year's Eve, Judy Asiago, the owner of Cheese Pouf Catering, Inc (CPC), was just packing up the company's equipment after a very successful and lucrative pre teen New Year's Eve party. CPC was just an hour away from ending its first year in business Asudy was stacking plates and packing up supplies, she thought about her finance accounting dass at YSU and began to think about the...
E3-5 Devin Wolf Company has the following balances in selected accounts on December should adopt the...
E3-5 Devin Wolf Company has the following balances in selected accounts on December should adopt the achtily each statement as true or false. If false, indicate how to correct the statement. E3-2 On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue. If this basis were used, it would mean that billions in unrecorded liabilities would have to be booked, and the federal deficit (a) What is the...
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...
Homework#6: Silo Company had the following transactions during Dec. 2018. Earned services revenue on account $4,500, Collected $2,000 in cash for services performed. Paid $1,325 cash in salaries, Purchased airline tickets for $250 cash for a trip in Aug. 2019. Instructions: What is Net Income using Accrual and Cash basis of accounting? Homework #6: Silo Company ACCRUAL BASIS Accrual Basis Income Statements Revenues Operating Expenses Total Operating Expenses Net Income CASH BASIS Revenues Cash Basis Operating Expenses Total Operating Expenses...
Chapter 2 - Accrual Accounting Practice Problem - Revenue On May 1, 2017, ABC Company signed a contract to provide 1 year of marketing research services to Anderson Company starting on May 1. Anderson Company paid the full year's price of $12,000 in cash on May 1. Prepare the entry that ABC Company should make on May 1" to record this event. 2. Record this event/entry in the Horizontal Financial Statement format below. Add any account titles/headings you need in...
Unadjusted Financial Statements income Statement For the Year Ended December 31, 2017 Service revenue $70,600.00 Wages expense 44,300.00 Net income $26,300.00 Cole Designs Inc. Balance Sheet December 31, 2017 Assets Cash $5,000.00 Accounts receivable 32,600.00 Supplies 3,650.00 5 Prepaid insurance 4,000.00 6 Office equipment 11,000.00 Total assets $56,250.00 Liabilities Unearned revenue $9,500.00 Stockholders' Equity Common stock $12,000.00 12 Retained earnings 34,750.00 46,750.00 13 Total liabilities and stockholders'equity $56,250.00 Cole Designs Inc. Income Statement For the Year Ended December 31, 2017...
74 Edmond Survey of Accounting Se (2018) - Full color sohbound 74 Chapter 2 QUESTIONS ity, and statement of cachows are dated with the phrase for the period ended 28. In what order areas listed on the balance 1. What does accrual 10. Oive an example of an accounting attempt to exchange transaction accomplish? What is the effect of this 2. Define mention. How is transaction on the account i independent of collecting ing equation or paying cach? 11. What...
accounting 200
financial statement homework #1
Graves Company Unadjusted Trial Balance December 31, 2018 116,000 30,000 6,000 18,000 110,600 15,000 75,000 Cash Accounts Receivable Supplies Prepaid Insurance Inventory Vehicle Equipment Accumulated Depreciation Accounts Payable Unearned Revenue Wages Payable Long-Term Notes Payable Common Stock Retained Earnings (1/1/2018) Dividends Service Revenue Repair Expense Delivery Expense Depreciation Expense Rent Expense Insurance Expense Wages Expense Supplies Expense Interest Expense Income Tax Expense Total 40,000 9,000 13,500 11,500 48,000 41,000 37,600 5,000 472,000 14,000 38,000...
Please help! Exercise 10!
Exercise#10-PREPAID EXPENSES: Darting Inc. P on January 1, 2018. The user Instructions: A. Record the journal entry for the B. What is the adjusting entry to uary 1, 2018. The useful life of the computer system is 5 years ENSES: Darting Inc. purchased a computer system for $7,200 une journal entry for the purchase of the asset - Equipment - Computer. the adjusting entry to record the January 31 monthly depreciation expense using the straight-line method...
Cheese Pouf Catering, Inc. Year ending December 31, 2017 At 11:00 PM New Year's Eve, Judy Asiago, the owner of Cheese Pouf Catering, Inc (CPC), was just packing up the company's equipment after a very successful and lucrative pre teen New Year's Eve party. CPC was just an hour away from ending its first year in business Asudy was stacking plates and packing up supplies, she thought about her finance accounting dass at YSU and began to think about the...
E3-5 Devin Wolf Company has the following balances in selected accounts on December should adopt the achtily each statement as true or false. If false, indicate how to correct the statement. E3-2 On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue. If this basis were used, it would mean that billions in unrecorded liabilities would have to be booked, and the federal deficit (a) What is the...
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