Homework Answers
| February | March | April | |
| a | - | - | 800.00 |
| b | - | 2,160.00 | - |
| c | 39,200.00 | - | - |
| d | - | 59,400.00 | - |
| e | - | 9,000.00 | 9,000.00 |
| f | - | 9,000.00 | 9,000.00 |
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EXERCISES 11. Revenue recognition. Neiman Marcus, a U.S. retailer, uses the accrual basis of accounting and...
1. Revenue recognition – accrual basis vs. cash basis: Ring The Bells, Inc. provides doorbell repair...
1. Revenue recognition – accrual basis vs. cash basis: Ring The Bells, Inc. provides doorbell repair services to customers. The accountant for Ring The Bells noted the following events which took place during April, 2018: • On April 4th, Ring the Bells received $725 in cash from customers for services that had been provided in March, 2018 on account. • On April 11th, provided $280 worth of services to customers on account. Cash payment for these services will not be...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question The Blue Nile Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $1,170 for six months of advertising. Blue Nile Law Firm recorded $1,170 in the Prepaid Advertising account. If Blue Nile Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Johnny Flowers Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $2,690 for six months of advertising. Johnny Flowers Law Firm recorded $2,690 in the Prepaid Advertising account. Accrual basis/Cash basis If Johnny Flowers Law Firm had recorded their expenses using the other method, how much advertising expense would they...
Ignore the requirement above about Analysis of the transaction... Prepare the journal entry for (1)-(11).. 23....
Ignore the requirement above about Analysis of the
transaction... Prepare the journal entry for (1)-(11)..
23. Analysis of transactions and preparation of income statement and balance sheet. Refer to the information for Patterson Corporation for January, Year 13, in Chapter 2, Problem 2.14, above. The following transactions occur during February. (1) February 1: The firm pays the two-year insurance premium of $2,400 for fire and liability coverage beginning February 1. (2) February 5: Acquires merchandise costing $1,050,000. Of this amount,...
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...
Activity 1.c - Identifying Differences between Cash and Accrual Basis Read each scenario, decide whether the...
Activity 1.c - Identifying Differences between Cash and Accrual Basis Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Johnny Flowers Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $180 for six months of advertising. Johnny Flowers Law Firm recorded $180 in the Prepaid Advertising account. Accrual basisCash basiscorrect If Johnny Flowers Law Firm had recorded their expenses...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Johnny Flowers Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $880 for six months of advertising. Johnny Flowers Law Firm recorded $880 in the Prepaid Advertising account. If Johnny Flowers Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Johnny Flowers Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $3,480 for six months of advertising. Johnny Flowers Law Firm recorded $3,480 in the Prepaid Advertising account. If Johnny Flowers Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for...
complete please Problem 2-12 Cash versus accrual accounting [LO2-8] Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company's accountant ob...
complete please
Problem 2-12 Cash versus accrual accounting [LO2-8] Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2018 Cash receipts: $680,000 4,080 105,000e From customers Interest on note Loan from a local bank Total cash receipts $789,080 Cash disbursements: Purchase of merchandise $391,000 6,120 211,000 11,000 24,500 Annual...
It's more of an explanation. I am wondering how do you determine ABR<CBR? Accrual basis revenue...
It's more of an explanation. I am wondering how do you determine
ABR<CBR? Accrual basis revenue < cash basis revenue? Can you
explain how did the calculation work? Thank you.
w Account Recievable. money that is ourd to company by Costomer. Haskins and Jones, Attorneys-at-Law, maintain its books on a cash basis. During 2013, the company collected $545,000 in fees from its clients and paid out $412,000 in expenses. You are able to determine the following information about accounts receivable,...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question The Blue Nile Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $1,170 for six months of advertising. Blue Nile Law Firm recorded $1,170 in the Prepaid Advertising account. If Blue Nile Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for...
Ignore the requirement above about Analysis of the
transaction... Prepare the journal entry for (1)-(11)..
23. Analysis of transactions and preparation of income statement and balance sheet. Refer to the information for Patterson Corporation for January, Year 13, in Chapter 2, Problem 2.14, above. The following transactions occur during February. (1) February 1: The firm pays the two-year insurance premium of $2,400 for fire and liability coverage beginning February 1. (2) February 5: Acquires merchandise costing $1,050,000. Of this amount,...
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...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Johnny Flowers Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $880 for six months of advertising. Johnny Flowers Law Firm recorded $880 in the Prepaid Advertising account. If Johnny Flowers Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for...
Read each scenario, decide whether the company is using Cash basis or Accrual basis, and then enter your answer to the question. The Johnny Flowers Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $3,480 for six months of advertising. Johnny Flowers Law Firm recorded $3,480 in the Prepaid Advertising account. If Johnny Flowers Law Firm had recorded their expenses using the other method, how much advertising expense would they have recorded for...
complete please
Problem 2-12 Cash versus accrual accounting [LO2-8] Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessary information to prepare accrual basis financial statements. The following cash flows occurred during the year ended December 31, 2018 Cash receipts: $680,000 4,080 105,000e From customers Interest on note Loan from a local bank Total cash receipts $789,080 Cash disbursements: Purchase of merchandise $391,000 6,120 211,000 11,000 24,500 Annual...
It's more of an explanation. I am wondering how do you determine
ABR<CBR? Accrual basis revenue < cash basis revenue? Can you
explain how did the calculation work? Thank you.
w Account Recievable. money that is ourd to company by Costomer. Haskins and Jones, Attorneys-at-Law, maintain its books on a cash basis. During 2013, the company collected $545,000 in fees from its clients and paid out $412,000 in expenses. You are able to determine the following information about accounts receivable,...
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