Homework Answers
Calculate net income under accrual basis of accounting
Accrual basis of accounting includes revenue and expense for the period either in Cash or not
| Revenue | 60000 |
| Expense | -35000 |
| Net income | 25000 |
So answer is d) $25000
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QUESTION 26 In its first year of operations. Grace Company reports the following: Earned revenues of...
27) In its first year of operations, Bulldog Corporation reports the following: Earned revenues of $100,000...
27) In its first year of operations, Bulldog Corporation reports the following: Earned revenues of $100,000 ($42,000 cash received from customers); incurred expenses of $65,000 ($31,000 cash paid toward them); prepaid $50,000 cash for costs that will not be expensed until next year. Net income under the accrual basis of accounting is: A) $17,000. B) $35,000. C) $13,000. D) $25,000 E) None of these choices are correct.
income LO C1 In its first year of operations, Roma Company reports the following. • Earned...
income LO C1 In its first year of operations, Roma Company reports the following. • Earned revenues of $59.000 ($51,000 cash received from customers). • Incurred expenses of $32,500 ($25,150 cash paid toward them). Prepaid $10,250 cash for costs that will not be expensed until next year. Compute the company's first-year net income under both the cash basis and the accrual basis of accounting. Cash Basis Accrual Basis Revenues Expenses Net Income Prev 1 of 10 Next > o or...
12) Henderson Company reports the following: Earned revenues of $70,000. Expenses of $40,000. Prepaid $9.000 cash...
12) Henderson Company reports the following: Earned revenues of $70,000. Expenses of $40,000. Prepaid $9.000 cash for costs that will not be expensed until next year. What is net income for the company? 13) A company had $4,200,000 in net income for the year. Its net sales were $11.800.000 for the same period. Calculate its profit margin.
In its first year of operations, Oriole Company recognized $30,000 in service revenue, $8,000 of which...
In its first year of operations, Oriole Company recognized $30,000 in service revenue, $8,000 of which was on account and still outstanding at year-end. The remaining $22,000 was received in cash from customers. The company incurred operating expenses of $20,400. Of these expenses, $13,990 were paid in cash; $6,410 was still owed on account at year- end. In addition, Oriole prepaid $2,710 for insurance coverage that would not be used until the second year of operations Calculate the first year's...
In its first year of operations, Athabasca Corp. earned $51,000 in service revenue. Of that amount,...
In its first year of operations, Athabasca Corp. earned $51,000
in service revenue. Of that amount, $8,400 was on account and the
remainder, $42,600, was collected in cash from customers.
The company incurred various expenses totalling $32,600, of which
$29,100 was paid in cash. At year end, $3,500 was still owing on
account. In addition, Athabasca prepaid $2,000 for insurance
coverage that covered the last half of the first year and the first
half of the second year. Athabasca expects...
In its first year of operations, Sheridan Company recognized $30,000 in service revenue, $7,200 of which...
In its first year of operations, Sheridan Company recognized $30,000 in service revenue, $7,200 of which was on account and still outstanding at year-end. The remaining $22,800 was received in cash from customers. The company incurred operating expenses of $16,600. Of these expenses, $13,520 were paid in cash; $3,080 was still owed on account at year-end. In addition, Sheridan prepaid $2,650 for insurance coverage that would not be used until the second year of operations. (a) Calculate the first year's...
In its first year of operations, Oriole Company recognized $32,400 in service revenue, $7,200 of which...
In its first year of operations, Oriole Company recognized
$32,400 in service revenue, $7,200 of which was on account and
still outstanding at year-end. The remaining $25,200 was received
in cash from customers.
The company incurred operating expenses of $16,500. Of these
expenses, $12,670 were paid in cash; $3,830 was still owed on
account at year-end. In addition, Oriole prepaid $3,160 for
insurance coverage that would not be used until the second year of
operations.
(a) Calculate the first year’s...
In its first year of operations, Pharoah Company recognized $31.000 in service revenue, $6,900 of which...
In its first year of operations, Pharoah Company recognized $31.000 in service revenue, $6,900 of which was on account and still outstanding at year-end. The remaining $24.100 was received in cash from customers. The company incurred operating expenses of $16,900. Of these expenses, $13,770 were paid in cash; $3,130 was still owed on account at year-end. In addition, Pharoah prepaid $3,200 for insurance coverage that would not be used until the second year of operations. Calculate the first year's net...
In its first year of operations Blossom Company recognized $31,600 in service revenue, $8.100 of which...
In its first year of operations Blossom Company recognized $31,600 in service revenue, $8.100 of which was on account and still outstanding at year-end. The remaining $23.500 was received in cash from customers The company incurred operating expenses of $19,600. Of these expenses $13,800 were paid in cash $5.800 was still owed on account at year end. In addition, Blossom prepaid $3.120 for insurance coverage that would not be used until the second year of operations (a) Calculate the first...
Exercise 4-2 (Part Level Submission) In its first year of operations, Athabasca Corp. earned $53,000 in...
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27) In its first year of operations, Bulldog Corporation reports the following: Earned revenues of $100,000 ($42,000 cash received from customers); incurred expenses of $65,000 ($31,000 cash paid toward them); prepaid $50,000 cash for costs that will not be expensed until next year. Net income under the accrual basis of accounting is: A) $17,000. B) $35,000. C) $13,000. D) $25,000 E) None of these choices are correct.
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12) Henderson Company reports the following: Earned revenues of $70,000. Expenses of $40,000. Prepaid $9.000 cash for costs that will not be expensed until next year. What is net income for the company? 13) A company had $4,200,000 in net income for the year. Its net sales were $11.800.000 for the same period. Calculate its profit margin.
In its first year of operations, Oriole Company recognized $30,000 in service revenue, $8,000 of which was on account and still outstanding at year-end. The remaining $22,000 was received in cash from customers. The company incurred operating expenses of $20,400. Of these expenses, $13,990 were paid in cash; $6,410 was still owed on account at year- end. In addition, Oriole prepaid $2,710 for insurance coverage that would not be used until the second year of operations Calculate the first year's...
In its first year of operations, Athabasca Corp. earned $51,000
in service revenue. Of that amount, $8,400 was on account and the
remainder, $42,600, was collected in cash from customers.
The company incurred various expenses totalling $32,600, of which
$29,100 was paid in cash. At year end, $3,500 was still owing on
account. In addition, Athabasca prepaid $2,000 for insurance
coverage that covered the last half of the first year and the first
half of the second year. Athabasca expects...
In its first year of operations, Sheridan Company recognized $30,000 in service revenue, $7,200 of which was on account and still outstanding at year-end. The remaining $22,800 was received in cash from customers. The company incurred operating expenses of $16,600. Of these expenses, $13,520 were paid in cash; $3,080 was still owed on account at year-end. In addition, Sheridan prepaid $2,650 for insurance coverage that would not be used until the second year of operations. (a) Calculate the first year's...
In its first year of operations, Oriole Company recognized
$32,400 in service revenue, $7,200 of which was on account and
still outstanding at year-end. The remaining $25,200 was received
in cash from customers.
The company incurred operating expenses of $16,500. Of these
expenses, $12,670 were paid in cash; $3,830 was still owed on
account at year-end. In addition, Oriole prepaid $3,160 for
insurance coverage that would not be used until the second year of
operations.
(a) Calculate the first year’s...
In its first year of operations, Pharoah Company recognized $31.000 in service revenue, $6,900 of which was on account and still outstanding at year-end. The remaining $24.100 was received in cash from customers. The company incurred operating expenses of $16,900. Of these expenses, $13,770 were paid in cash; $3,130 was still owed on account at year-end. In addition, Pharoah prepaid $3,200 for insurance coverage that would not be used until the second year of operations. Calculate the first year's net...
In its first year of operations Blossom Company recognized $31,600 in service revenue, $8.100 of which was on account and still outstanding at year-end. The remaining $23.500 was received in cash from customers The company incurred operating expenses of $19,600. Of these expenses $13,800 were paid in cash $5.800 was still owed on account at year end. In addition, Blossom prepaid $3.120 for insurance coverage that would not be used until the second year of operations (a) Calculate the first...
Exercise 4-2 (Part Level Submission) In its first year of operations, Athabasca Corp. earned $53,000 in service revenue. Of that amount, $8,400 was on account and the remainder, $44,600, was collected in cash from customers. The company incurred various expenses totalling $32,200, of which $28,700 was paid in cash. At year end, $3,500 was still owing on account. In addition, Athabasca prepaid $2,000 for insurance coverage that covered the last half of the first year and the first half of...
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