Homework Answers
Answer:C ($7000,$21000)
Gomez will recognize revenue earned for the four months between September 1 and December 31 ($21,000*4/12=$7,000). However, the company will recognize the entire $21,000 received as a cash inflow for operating activities in year 1.
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Gomez Company collected $21,000 on September 1. Year 1 from a customer for services to be...
Gomez Company collected $21,000 on September 1, Year 1 from a customer for services to be...
Gomez Company collected $21,000 on September 1, Year 1 from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would it report as cash flows from operating activities for Year 1? Ask Multiple Choice Print $7,000: $7,000 $21,000 $21.000 $7,000; $21,000 $0 $21,000
On September 1, Year 1, Gomez Company collected $12,600 in advance from a customer for services...
On September 1, Year 1, Gomez Company collected $12,600 in advance from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year 1? $12,600; $12,600 $4200; $4200 $0; $12,600 $4200; $12,600
On September t. Yeart Gomez Company collected $19.500 in advance from a customer for services to...
On September t. Yeart Gomez Company collected $19.500 in advance from a customer for services to be provided over a one-year pena beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year 1? Murple Choice 0 $0.512.500 $19.500, $19.500 $6.500 519.500 $6.50056.500
11C1 1-3) 1 TB MC Qu. 02-54 on September 1, Year 1, Gomez Company... On September...
11C1 1-3) 1 TB MC Qu. 02-54 on September 1, Year 1, Gomez Company... On September 1, Year 1, Gomez Company collected $20,700 in advance from a customer for services to be provided over a one- year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year...
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200....
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200. During the year, the company purchased $3,400 of supplies on account and made partial payments totaling $3,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,400 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice $1,600 of supplies: $200 of supplies expense $1,400 of supplies: $2,000 of supplies expense...
On September 1, Year 1 Gomez Company borrowed $36,000 cash. The one-year note carried a 5%...
On September 1, Year 1 Gomez Company borrowed $36,000 cash. The one-year note carried a 5% rate of interest. Which of the following shows how the accrual of interest expense in Year 1 will effect Gomez’s financial statements? A) $600 interest expense and zero cash outflow from operating activities B) $600 interest expense and $1,800 cash outflow from operating activities C) $1,200 interest expense and zero cash outflow from operating activities
On September 8, a company provides services on account to a customer for $1,800, terms 5/10,...
On September 8, a company provides services on account to a customer for $1,800, terms 5/10, 1/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the service revenue on account. Note:...
On September 8, a company provides services on account to a customer for $2,700, terms 4/10,...
On September 8, a company provides services on account to a customer for $2,700, terms 4/10, n/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the cash collected....
Submit 00 On September 1, Kennedy Company loaned $115.000, at 12% annual resto a customer interest...
Submit 00 On September 1, Kennedy Company loaned $115.000, at 12% annual resto a customer interest and principe will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for sccung test at Kennedy would need to make on December 31, the calendar year-end? Muit Choice Dubstec 34.600 rete 4,600 O resto 30.000 euros, 8.000 Debtret Beco 3.000 credit 30.000 Droit Cash 4.000 credit, 4600
On September 1 of Year 1, Ashlyn Company sold a plasma TV screen and TWO-year warranty...
On September 1 of Year 1, Ashlyn Company sold a plasma TV screen and TWO-year warranty to a customer for a joint price of $2,000. Ashlyn collected all of the cash up front on September 1, the contract-signing date. The two-year warranty period begins on the date that Ashyln Company delivers the plasma TV screen to the customer. Ashlyn Company has generated the following information regarding sales of this type. Sales price of plasma TV screen if sold separately, $1,800...
Gomez Company collected $21,000 on September 1, Year 1 from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would it report as cash flows from operating activities for Year 1? Ask Multiple Choice Print $7,000: $7,000 $21,000 $21.000 $7,000; $21,000 $0 $21,000
On September t. Yeart Gomez Company collected $19.500 in advance from a customer for services to be provided over a one-year pena beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year 1? Murple Choice 0 $0.512.500 $19.500, $19.500 $6.500 519.500 $6.50056.500
11C1 1-3) 1 TB MC Qu. 02-54 on September 1, Year 1, Gomez Company... On September 1, Year 1, Gomez Company collected $20,700 in advance from a customer for services to be provided over a one- year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year...
On January 1, Year 2, the Supplies account of Sheldon Company had a balance of $1,200. During the year, the company purchased $3,400 of supplies on account and made partial payments totaling $3,000 on those accounts. On December 31, Year 2, Sheldon determined that there were $1,400 of supplies on hand. Which of the following would be reported on Sheldon's Year 2 financial statements? Multiple Choice $1,600 of supplies: $200 of supplies expense $1,400 of supplies: $2,000 of supplies expense...
On September 8, a company provides services on account to a customer for $1,800, terms 5/10, 1/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the service revenue on account. Note:...
On September 8, a company provides services on account to a customer for $2,700, terms 4/10, n/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the cash collected....
Submit 00 On September 1, Kennedy Company loaned $115.000, at 12% annual resto a customer interest and principe will be collected when the loan matures one year from the issue date. Assuming adjustments are only made at year-end, what is the adjusting entry for sccung test at Kennedy would need to make on December 31, the calendar year-end? Muit Choice Dubstec 34.600 rete 4,600 O resto 30.000 euros, 8.000 Debtret Beco 3.000 credit 30.000 Droit Cash 4.000 credit, 4600
On September 1 of Year 1, Ashlyn Company sold a plasma TV screen and TWO-year warranty to a customer for a joint price of $2,000. Ashlyn collected all of the cash up front on September 1, the contract-signing date. The two-year warranty period begins on the date that Ashyln Company delivers the plasma TV screen to the customer. Ashlyn Company has generated the following information regarding sales of this type. Sales price of plasma TV screen if sold separately, $1,800...
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