Your examination of the records of a company that follows the cash basis of accounting tells...
Your examination of the records of a company that follows the cash
basis of accounting tells you that the company’s reported
cash-basis earnings in 2022 are $39,699. If this firm had followed
accrual-basis accounting practices, it would have reported the
following year-end balances.
|
2022 |
2021 |
|||
|---|---|---|---|---|
|
Accounts receivable |
$4,012 | $3,304 | ||
|
Supplies on hand |
1,534 | 1,719 | ||
|
Unpaid wages owed |
2,360 | 2,832 | ||
|
Other unpaid expenses |
1,652 | 1,298 |
Determine the company’s net earnings on an accrual basis for
2022.
|
Net earnings on an accrual basis for 2022 |
$enter net earnings on an accrual basis for 2022 in dollars |
Homework Answers
Answer -
Net income on accrual basis= $40,340
Working
| Net cash from Operating Activities | $ 39,699.00 | |
| Adjustments to reconcile net cash provided by operating activities to net income | ||
| Increase in accounts receivable | $ 708.00 | |
| Decrease in supplies | $ (185.00) | |
| Decrease in unpaid wages | $ 472.00 | |
| Increase in other unpaid expense | $ (354.00) | |
| $ 641.00 | ||
| Net income | $ 40,340.00 |
If u r satisfied plz give a like
In case of any doubts plz let me know tanq
Add Answer to:
Your examination of the records of a company that follows the cash
basis of accounting tells...
Saved The following data are taken from the cash-basis accounting records of Myerson Company for the...
Saved The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2021: Selected Data as of December 31, 2021 Customers billed in 2021 for services provided Cash collections in 2021 for accounts billed in 2020 Cash collections in 2021 for accounts billed in 2021 Cash paid for supplies purchased in 2021 Supplies remaining at the end of 2021 Cash paid for salaries in 2021 Cash paid for annual rent on March...
The following data are taken from the cash-basis accounting records of Wilson Company for the year...
The following data are taken from the cash-basis accounting records of Wilson Company for the year ended December 31, 2021: Selected Data as of December 31, 2021 Customers billed in 2021 for services provided $400,000 Cash collections in 2021 for accounts billed in 2020 20,000 Cash collections in 2021 for accounts billed in 2021 300,000 Cash paid for supplies purchased in 2021 12,000 Supplies remaining at the end of 2021 2,000 Cash paid for salaries in 2021 10,000 Cash paid...
Cash-Basis and Accrual-Basis Accounting The records of Summers Building Company reveal the following information for 2018....
Cash-Basis and Accrual-Basis Accounting The records of Summers Building Company reveal the following information for 2018. a. Cash receipts during 2018 (including $50,000 paid by shareholders in exchange for common shares) were $246,410. b. Cash payments during 2018 (including $14,800 of dividends paid to shareholders) were $164,850. C. Total selling price of services billed to customers during 2018 was $222,300. d. Salaries earned by employees during 2018 were $93,000. e. Cost of supplies used during 2018 in operation of the...
Newman Consulting Company maintains its records on a cash basis. During 2021 the following cash flows...
Newman Consulting Company maintains its records on a cash basis. During 2021 the following cash flows were recorded cash received for services rendered to clients, $430,000, and cash paid for salaries, utilities, and advertising. $245,000 $36,000 and $13,000, respectively. You also determine that customers owed the company $56.000 and $61,000 at the beginning and end of the year, respectively, and that the company owed the utility company $4,000 and $2.500 at the beginning and end of the year, respectively Complete...
Puntarelli Contracting keeps its accounting records on a cash basis during the year. At year-end, it...
Puntarelli Contracting keeps its accounting records on a cash basis during the year. At year-end, it adjusts its books to the accrual basis for preparing its financial statements. At the end of 2015, Puntarelli reported the following balance sheet items: Debit Credit Cash $ 2,700 Accounts receivable 4,200 Inventory 5,600 Equipment 12,000 Accumulated depreciation $ 4,800 Accounts payable 6,100 T. Puntarelli, capital 13,600 Totals $24,500 $24,500 It is now the end of 2016. The company's checkbook shows a balance of...
2. ABC company maintains its records cash basis of accounting during the year and converts them...
2. ABC company maintains its records cash basis of accounting during the year and converts them to accrual basis at the end of the year through adjusting entries. Whe preparing the financial statements of ACC for the year ended December 31, 2019 on accrual basis, you discover the following: a. ABC Company sublet a portion of its warehouse for a one-year period for an annual rental payment of $72,000, beginning on August 1, 2019. The tenant, XYZ company paid the...
10. The following data are taken from the cash-basis accounting records of Myerson Company for the...
10.
The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2021: Selected Data as of December 31, 2021 Customers billed in 2021 for services provided Cash collections in 2021 for accounts billed in 2020 Cash collections in 2021 for accounts billed in 2021 Cash paid for supplies purchased in 2021 Supplies remaining at the end of 2021 Cash paid for salaries in 2021 Cash paid for annual rent on March...
Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000...
Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Minutemen to provide annual financial statements prepared using accrual basis accounting as part of the credit worthiness verification. During 2021, the company records the following cash flows: $62,000 eBook Cash collected from customers Cash paid for: Salaries Supplies Rent Insurance Utilities Net cash flows Print $35,200 3,200 4,200 6,280 2,200 $1,000 $11,000 ferences You are able...
Jim Crane, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Crane collected...
Jim Crane, M.D., keeps his accounting records on the cash basis. During 2021, Dr. Crane collected $380000 from his patients. At December 31, 2020, Dr. Crane had accounts receivable of $38500. At December 31, 2021, Dr. Crane had accounts receivable of $69000 and unearned revenue of $11000. On the accrual basis, how much was Dr. Crane's patient service revenue for 2021?
Problem 3-2A Convert cash-basis accounting to accrual-basis accounting (LO3-1, 3-2) Minutemen Law Services maintains its books...
Problem 3-2A Convert cash-basis accounting to accrual-basis accounting (LO3-1, 3-2) Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Minutemen to provide annual financial statements prepared using accrual basis accounting as part of the credit worthiness verification. During 2021, the company records the following cash flows: $61,000 Cash collected from customers Cash paid for: Salaries Supplies Rent Insurance Utilities Net cash flows $35, 100 3,100...
Saved The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2021: Selected Data as of December 31, 2021 Customers billed in 2021 for services provided Cash collections in 2021 for accounts billed in 2020 Cash collections in 2021 for accounts billed in 2021 Cash paid for supplies purchased in 2021 Supplies remaining at the end of 2021 Cash paid for salaries in 2021 Cash paid for annual rent on March...
Cash-Basis and Accrual-Basis Accounting The records of Summers Building Company reveal the following information for 2018. a. Cash receipts during 2018 (including $50,000 paid by shareholders in exchange for common shares) were $246,410. b. Cash payments during 2018 (including $14,800 of dividends paid to shareholders) were $164,850. C. Total selling price of services billed to customers during 2018 was $222,300. d. Salaries earned by employees during 2018 were $93,000. e. Cost of supplies used during 2018 in operation of the...
Newman Consulting Company maintains its records on a cash basis. During 2021 the following cash flows were recorded cash received for services rendered to clients, $430,000, and cash paid for salaries, utilities, and advertising. $245,000 $36,000 and $13,000, respectively. You also determine that customers owed the company $56.000 and $61,000 at the beginning and end of the year, respectively, and that the company owed the utility company $4,000 and $2.500 at the beginning and end of the year, respectively Complete...
2. ABC company maintains its records cash basis of accounting during the year and converts them to accrual basis at the end of the year through adjusting entries. Whe preparing the financial statements of ACC for the year ended December 31, 2019 on accrual basis, you discover the following: a. ABC Company sublet a portion of its warehouse for a one-year period for an annual rental payment of $72,000, beginning on August 1, 2019. The tenant, XYZ company paid the...
10.
The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2021: Selected Data as of December 31, 2021 Customers billed in 2021 for services provided Cash collections in 2021 for accounts billed in 2020 Cash collections in 2021 for accounts billed in 2021 Cash paid for supplies purchased in 2021 Supplies remaining at the end of 2021 Cash paid for salaries in 2021 Cash paid for annual rent on March...
Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Minutemen to provide annual financial statements prepared using accrual basis accounting as part of the credit worthiness verification. During 2021, the company records the following cash flows: $62,000 eBook Cash collected from customers Cash paid for: Salaries Supplies Rent Insurance Utilities Net cash flows Print $35,200 3,200 4,200 6,280 2,200 $1,000 $11,000 ferences You are able...
Problem 3-2A Convert cash-basis accounting to accrual-basis accounting (LO3-1, 3-2) Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Minutemen to provide annual financial statements prepared using accrual basis accounting as part of the credit worthiness verification. During 2021, the company records the following cash flows: $61,000 Cash collected from customers Cash paid for: Salaries Supplies Rent Insurance Utilities Net cash flows $35, 100 3,100...
Most questions answered within 3 hours.
-
Suppose vacuum cleaners are part of the market basket used to
compute the CPI. Suppose also...
asked 8 minutes ago -
What intermediate results after the addition of H3O+ to
E-3-methyl-2-pentane?
pentene*
asked 13 minutes ago -
Potassium hydrogen phthalate is a solid, monoprotic acid
frequently used in the laboratory to standardize strong...
asked 32 minutes ago -
1-Describe the 3 major classes of ownerships of retailers
2-What are the differences between consumer and...
asked 15 minutes ago -
A Student takes a sample from a table top in the student lounge
using a sterile...
asked 23 minutes ago -
Give an answer that's easy to understand. Define stack data
structure. Show how the Stack operations...
asked 32 minutes ago -
The following financial information is for Annapolis Corporation
are for the fiscal years ending 2019 &...
asked 21 minutes ago -
Which prezygotic barrier to reproduction results in hybrid
sterility?
Question 11 options:
A)
Habitat isolation
B)...
asked 32 minutes ago -
You own a portfolio that has $2709 invested in Stock A and $4387
invested in Stock...
asked 50 minutes ago -
A parameter estimate is said to be statistically significant if
there is sufficient evidence that the...
asked 49 minutes ago -
Based on the following table, calculate the ES, EF, LS, LF and
Slack for each activity...
asked 47 minutes ago -
The Work Breakdown Structure is always created using a phased-in
approach.
True/False
asked 1 hour ago
> how did you get 641
Zavion Moses Thu, Feb 3, 2022 6:31 AM