Homework Answers
Answer: $7,000; $21,000.
Explanation:
Revenue recognize in income statement, Year 1 = $21,000 * 4 months / 12 months = $7,000
Report in statement of cash flow, Year 1 = Cash flow from operating activities $21,000
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Gomez Company collected $21,000 on September 1, Year 1 from a customer for services to be...
Gomez Company collected $21,000 on September 1. Year 1 from a customer for services to be...
Gomez Company collected $21,000 on September 1. Year 1 from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would it report as cash flows from operating activities for Year 1? points Multiple Choice 8 00:23:27 O $7,000; $7,000 $21,000; $21,000 $7,000 $21,000 $0: $21,000 Prox 1 of 5...
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On September 1, Year 1, Gomez Company collected $12,600 in advance from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year 1? $12,600; $12,600 $4200; $4200 $0; $12,600 $4200; $12,600
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On September t. Yeart Gomez Company collected $19.500 in advance from a customer for services to be provided over a one-year pena beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would the company report as net cash flows from operating activities for Year 1? Murple Choice 0 $0.512.500 $19.500, $19.500 $6.500 519.500 $6.50056.500
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On September 8, a company provides services on account to a customer for $1,800, terms 5/10, 1/30. The customer pays for those services on September 15. Record the transactions for the company when the services are provided on September 8 and when the cash is collected on September 15. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the service revenue on account. Note:...
On September 8, a company provides services on account to a customer for $2,700, terms 4/10,...
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On September 1 of Year 1, Ashlyn Company sold a plasma TV screen and TWO-year warranty...
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18 On September 8, a company provides services on account to a customer for $1,800, terms...
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Gomez Company collected $21,000 on September 1. Year 1 from a customer for services to be provided over a one-year period beginning on that date. How much revenue would Gomez Company report related to this contract on its income statement for the year ended December 31, Year 1? How much would it report as cash flows from operating activities for Year 1? points Multiple Choice 8 00:23:27 O $7,000; $7,000 $21,000; $21,000 $7,000 $21,000 $0: $21,000 Prox 1 of 5...
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