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Question 1, continued 3. Hawkeyes Inc, maintains its books on an accrual basis. During 2021, Hawkeyes'...
Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm...
Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm collected $590,000 for services rendered to its clients and paid out $421,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, deferred service revenue, and accrued liabilities: Accounts receivable Prepaid insurance Prepaid rent Deferred service revenue Accrued liabilities (for various expenses) January 1, 2021 $ 71,000 5,400 10,100 10,100 December 31, 2021 $67,000 7,200 8,300 12,400 13, 100...
Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm...
Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm collected $590,000 for services rendered to its clients and paid out $421,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, deferred service revenue, and accrued liabilities: Accounts receivable Prepaid insurance Prepaid rent Deferred service revenue Accrued liabilities (for various expenses) January 1, 2021 $71,000 5,400 10,100 10,100 December 31, 2021 $ 67,000 7,200 8,300 12,400 13,100 16,900...
Help Save & Ext Check m Haskins and Jones, Attorneys-at-Law, maintains its books on a cash...
Help Save & Ext Check m Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm collected $645,000 for services rendered to its clients and paid out $432,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, deferred service revenue, and accrued liabilities: January 1, December 31, 2021 2021 Accounts receivable $82,000 $ 76,000 Prepaid insurance 6,500 8,500 Prepaid rent 11,200 8,989 Deferred service revenue 11,200 13,600 Accrued...
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...
Claymore Corporation maintains its book on a cash basis. During 2021, the company collected $950,000 in...
Claymore Corporation maintains its book on a cash basis. During 2021, the company collected $950,000 in fees from its clients and paid $662,000 in expenses. You are able to determine the following information about accounts receivable, supplies, prepaid rent, salaries payable, and interest payable: December 31, 2021 December 31, 2020 Accounts receivable $110,000 $120,000 Supplies 18,000 15,000 Prepaid rent 11,000 13,000 Deferred revenue 20,000 18,000 Interest receivable 25,000 22,000 Prepaid Insurance 15,000 17,000 Deferred rent revenue 22.000 26,000 Salaries payable...
Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the...
Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the company recently borrowed $150,000 from a local bank, and the bank requires S&J to provide annual financial statements prepared on an accrual basis. During 2021, the following cash flows were recorded: Cash collected for: Services to customers $ 370,000 Cash paid for: Salaries $ 185,000 Supplies 30,000 Rent 14,000 Insurance 11,000 Miscellaneous 25,000 265,000 Net operating cash flow $ 105,000 You are...
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...
Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the...
Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the company recently borrowed $210,000 from a local bank, and the bank requires S&J to provide annual financial statements prepared on an accrual basis. During 2021, the following cash flows were recorded: $430,000 Cash collected for services to customers Cash paid for Salaries Supplies Rent Insurance Miscellaneous Het operating cash flow $191,000 36,000 20,000 10,000 31,000 288,000 $ $ 142,000 You are able to determine...
Newman Consulting Company maintains its records on a cash basis. During 2021 the following cash flows...
Newman Consulting Company maintains its records on a cash basis. During 2021 the following cash flows were recorded cash received for services rendered to clients, $430,000, and cash paid for salaries, utilities, and advertising. $245,000 $36,000 and $13,000, respectively. You also determine that customers owed the company $56.000 and $61,000 at the beginning and end of the year, respectively, and that the company owed the utility company $4,000 and $2.500 at the beginning and end of the year, respectively Complete...
Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the...
Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the company recently borrowed $230,000 from a local bank, and the bank requires S&J to provide annual financial statements prepared on an accrual basis. During 2021, the following cash flows were recorded: $ 450,000 Cash collected for: Services to customers Cash paid for: Salaries Supplies Rent Insurance Miscellaneous Net operating cash flow $ 193,000 38,000 22,000 12,000 33,000 298,000 $152,000 You are able to determine...
Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm collected $590,000 for services rendered to its clients and paid out $421,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, deferred service revenue, and accrued liabilities: Accounts receivable Prepaid insurance Prepaid rent Deferred service revenue Accrued liabilities (for various expenses) January 1, 2021 $ 71,000 5,400 10,100 10,100 December 31, 2021 $67,000 7,200 8,300 12,400 13, 100...
Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm collected $590,000 for services rendered to its clients and paid out $421,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, deferred service revenue, and accrued liabilities: Accounts receivable Prepaid insurance Prepaid rent Deferred service revenue Accrued liabilities (for various expenses) January 1, 2021 $71,000 5,400 10,100 10,100 December 31, 2021 $ 67,000 7,200 8,300 12,400 13,100 16,900...
Help Save & Ext Check m Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2021, the law firm collected $645,000 for services rendered to its clients and paid out $432,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses, deferred service revenue, and accrued liabilities: January 1, December 31, 2021 2021 Accounts receivable $82,000 $ 76,000 Prepaid insurance 6,500 8,500 Prepaid rent 11,200 8,989 Deferred service revenue 11,200 13,600 Accrued...
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...
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...
Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the company recently borrowed $210,000 from a local bank, and the bank requires S&J to provide annual financial statements prepared on an accrual basis. During 2021, the following cash flows were recorded: $430,000 Cash collected for services to customers Cash paid for Salaries Supplies Rent Insurance Miscellaneous Het operating cash flow $191,000 36,000 20,000 10,000 31,000 288,000 $ $ 142,000 You are able to determine...
Newman Consulting Company maintains its records on a cash basis. During 2021 the following cash flows were recorded cash received for services rendered to clients, $430,000, and cash paid for salaries, utilities, and advertising. $245,000 $36,000 and $13,000, respectively. You also determine that customers owed the company $56.000 and $61,000 at the beginning and end of the year, respectively, and that the company owed the utility company $4,000 and $2.500 at the beginning and end of the year, respectively Complete...
Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the company recently borrowed $230,000 from a local bank, and the bank requires S&J to provide annual financial statements prepared on an accrual basis. During 2021, the following cash flows were recorded: $ 450,000 Cash collected for: Services to customers Cash paid for: Salaries Supplies Rent Insurance Miscellaneous Net operating cash flow $ 193,000 38,000 22,000 12,000 33,000 298,000 $152,000 You are able to determine...
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