Rnk inc charges 135 per month for storage unit. In the first quarter of the year...
Rnk inc charges 135 per month for storage unit. In the first quarter of the year they collected $6615. Ten Customers prepaid for 3 month rental in january, 7 customers prepaid for 2 months in February and 5 customers paid for one month in march. Using the cash basis of accounting what is the revenue in January. Using accrual what is the revenue in January
Homework Answers
The revenue in january under cash basis of accounting
= Cash received from 10 customers
= 10*3*135
= $ 4050
Thus the correct answer revenue for january under cash basis of accounting = $ 4050
The revenue in january under accrual basis of accounting
= No. of customers in january * charges per customer
= 10*135
= $ 1350
Thus the correct answer revenue for january under accrual basis of accounting = $ 1350
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Rnk inc charges 135 per month for storage unit. In the first
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Actual service revenue for 2019 and expected service revenues for
2020 are November...
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