First year net income under the accrual basis of acounting
In its first year of operations, Mary Corp. earned $48,000 in service revenue. Of that amount, $7,200 was on account and the remainder, $40,800, was collected in cash from customers.
The company incurred various expenses totalling $30,300, of which $26,800 was paid in cash. At year end, $3,500 was still owing on account. In addition, Mary prepaid $2,000 for insurance coverage that covered the last half of the first year and the first half of the second year. Mary expects to owe $3,000 of income tax when it files its corporate income tax return after year end.
A) calculate the first year's net income under the accrusal basis of accounting
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part b: Calculate the first year’s net income under the cash basis of accounting. Exercise 4-2...
part b: Calculate the first
year’s net income under the cash basis of accounting.
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...
Exercise 4-2 (Part Level Submission) In its first year of operations, Athabasca Corp. earned $53,000 in...
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...
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, 2020, Whispering Winds Corp. invoiced $189,000 in service revenue. Of...
In its first year of operations, 2020, Whispering Winds Corp. invoiced $189,000 in service revenue. Of that amount, $23,000 was still owing from customers at the end of year. In 2020, Whispering Winds incurred various operating expenses totalling $91,000, of which $82,000 was paid in cash. Salaries and wages paid to employees totalled $67,000 and $2,300 was still owing at the end of the year. In addition, Whispering Winds prepaid $4,000 for insurance coverage that covered the last half of...
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of acc...
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting Revenues earned for the period Cash collected on account Cash paid for expenses Accounts payable Prepaid rent for next period $45,000 12,000 26,000 3,000 7,000 18,000 15,000 19,000 7,000
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting Revenues earned for the period Cash collected...
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...
Current Attempt in Progress In its first year of operations, Sandhill Co. recognized $33,900 in service...
Current Attempt in Progress In its first year of operations, Sandhill Co. recognized $33,900 in service revenue, $6,200 of which was on account and still outstanding at year-end. The remaining $27,700 was received in cash from customers. The company incurred operating expenses of $16,600. Of these expenses, $12,940 were paid in cash; $3,660 was still owed on account at year-end. In addition, Sandhill prepaid $2,670 for insurance coverage that would not be used until the second year of operations. (a)...
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, 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...
part b: Calculate the first
year’s net income under the cash basis of accounting.
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...
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...
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...
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting Revenues earned for the period Cash collected on account Cash paid for expenses Accounts payable Prepaid rent for next period $45,000 12,000 26,000 3,000 7,000 18,000 15,000 19,000 7,000
Given the data below for a firm in its first year of operation, determine net income under the accrual basis of accounting Revenues earned for the period Cash collected...
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...
Current Attempt in Progress In its first year of operations, Sandhill Co. recognized $33,900 in service revenue, $6,200 of which was on account and still outstanding at year-end. The remaining $27,700 was received in cash from customers. The company incurred operating expenses of $16,600. Of these expenses, $12,940 were paid in cash; $3,660 was still owed on account at year-end. In addition, Sandhill prepaid $2,670 for insurance coverage that would not be used until the second year of operations. (a)...
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, 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...
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