Homework Answers
Cash method of accounting is allowed for small businesses(including partnerships and corporations) that have average annual gross receipts of $25 million or less during preceding 3 years. This is the limit for the year 2018. For 2019, this limit has been increased to $26 million.
Therefore, if the question if of the year 2018, then Year 5 is the correct answer i.e. (26.50+26.00+24)/3 =25.50 million and if the question is of the year 2019, then Year 6 is the correct answer i.e. (27.00+26.50+26.00)/3 = 26.50 million
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WFO Corporation has gross receipts according to the following schedule: Year 1 Year 2 Year 3...
WFO Corporation has gross receipts according to the following schedule: Year 1 $22.90 million Yea...
WFO Corporation has gross receipts according to the following schedule: Year 1 $22.90 million Year 2 $25.80 million Year 3 $26.60 million Year 4 $27.60 million Year 5 $28.10 million Year 6 $29.10 million If WFO began business as a cash-method corporation in Year 1, in which year would it have first been required to use the accrual method?
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in the case of a retailer with a average annual gross receipts that would not fall...
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31. Corona Corporation has the following income and expense items for the year: Gross receipts from...
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The BRS Corporation makes collections on sales according to the following schedule: 40% in month of...
The BRS Corporation makes collections on sales according to the following schedule: 40% in month of sale 56% in month following sale 4% in second month following sale The following sales have been budgeted: April May June Sales $150,000 $170,000 $160,000 Budgeted cash collections in June would be: Multiple Choice $160,600 $165,200 $159,200 $160,000
The BRS Corporation makes collections on sales according to the following schedule: 60% in month of...
The BRS Corporation makes collections on sales according to the following schedule: 60% in month of sale 37% in month following sale 3% in second month following sale The following sales have been budgeted: April $160,000 May $170,000 June$160,000 Budgeted cash collections in June would be Multiple Choice $160,000 $160,480 $163,700 $158,900
The BRS Corporation makes collections on sales according to the following schedule: 40% in month of...
The BRS Corporation makes collections on sales according to the following schedule: 40% in month of sale 56% in month following sale 4% in second month following sale The following sales have been budgeted: Sales April $ 150,000 May $ 170,000 June $ 160,000 Budgeted cash collections in June would be: Multiple Choice: A) $165,200 B) $159,200 C) $160,600 D) $160,000
The BRS Corporation makes collections on sales according to the following schedule: 35% in month of...
The BRS Corporation makes collections on sales according to the following schedule: 35% in month of sale 61% in month following sale 4% in second month following sale Skloped The following sales have been budgeted: April May June Sales $120,000 $130,000 $120,000 Budgeted cash collections in June would be: Multiple Choice 0 $126,100 0 $120.000 0 $120.480 0 $121,300
The BRS Corporation makes collections on sales according to the following schedule: 40% in month of sale 56% in month following sale 4% in second month following sale The following sales have been budgeted: April May June Sales $150,000 $170,000 $160,000 Budgeted cash collections in June would be: Multiple Choice $160,600 $165,200 $159,200 $160,000
The BRS Corporation makes collections on sales according to the following schedule: 60% in month of sale 37% in month following sale 3% in second month following sale The following sales have been budgeted: April $160,000 May $170,000 June$160,000 Budgeted cash collections in June would be Multiple Choice $160,000 $160,480 $163,700 $158,900
The BRS Corporation makes collections on sales according to the following schedule: 35% in month of sale 61% in month following sale 4% in second month following sale Skloped The following sales have been budgeted: April May June Sales $120,000 $130,000 $120,000 Budgeted cash collections in June would be: Multiple Choice 0 $126,100 0 $120.000 0 $120.480 0 $121,300
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