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.
-
what is IoT? How is it being used today? How will it be used in
the...
asked 9 minutes ago -
Please answer the four questions below.
1. If you were going to test a method that...
asked 23 minutes ago -
Provide two or three examples of support he uses to reinforce
his arguments?
The Alienation of...
asked 31 minutes ago -
QUESTION 1
Why do we see terms with multiple names in the database
community?
Consistency is...
asked 26 minutes ago -
In a titration experiment, 11.5 mL of 0.400 M H2SO4 neutralized
48.0 mL of NaOH. What...
asked 30 minutes ago -
A shot-putter throws the shot with a horizontal velocity of 10
m/s and a
vertical velocity...
asked 46 minutes ago -
Mildred sells industrial-sized refrigeration units. Her
prospective buyer's face looks tense, and his forehead is wrinkled....
asked 47 minutes ago -
Clark Heter is an industrial engineer at Lyons Products. He
would like to determine whether there...
asked 1 hour ago -
3. Use a text editor to create a comma-delimited file of user
IDs and passwords. Revise...
asked 1 hour ago -
Jensen and Associates has a projected balance
sheet that includes the following accounts. What is the...
asked 1 hour ago -
implement a doubly-linked list in C. Each node in the linked list should contain a string,...
asked 1 hour ago -
What are some best practices and things to avoid when developing
a PowerPoint presentation or file
asked 1 hour ago
> how did you get 641
Zavion Moses Thu, Feb 3, 2022 6:31 AM