Yard Designs (YD) experienced the following events in Year 1, its first year of operations: On...
Yard Designs (YD) experienced the following events in Year 1, its first year of operations:
- On October 1, Year 1, YD collected $54,000 for consulting services it agreed to provide during the coming year.
- Adjusted the accounts to reflect the $30,000 of prepaid consulting services completed in Year 1.
1. What amount of revenue will YD report for Year 1?
2. What amount of revenue will YD report for Year 2?
Homework Answers
Under accrual basis of accounting revenue is recognized when sales completed and service performed not Cash received
So amount of revenue
1) Year 1 = $0
2) Year 2 = $30000
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Yard Designs (YD) experienced the following
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Yard Designs (YD) experienced the following events in Year 1, its first year of operation: 1....
Yard Designs (YD) experienced the following events in Year 1, its first year of operation: 1. On October 1, Year 1, YD collected $25,200 for consulting services it agreed to provide during the coming year. 2. Adjusted the accounts to reflect the amount of consulting service revenue recognized in Year 1. Required Based on this information alone: a. Record the events under an accounting equation. (Enter any decreases to account balances with a minus sign.) YARD DESIGNS Accounting Equations for...
Yard Designs (YD) experienced the following events in Year 1, its first year of operation: On...
Yard Designs (YD) experienced the following events in Year 1,
its first year of operation:
On October 1, Year 1, YD collected $40,800 for consulting
services it agreed to provide during the coming year.
Adjusted the accounts to reflect the amount of consulting
service revenue recognized in Year 1.
Required
Based on this information alone:
a. Record the events under an accounting
equation.
b. Prepare an income statement, balance sheet, and
statement of cash flows for the Year 1...
Yard Designs (YD) experienced the following events in Year 1, its first year of operation: 1....
Yard Designs (YD) experienced the following events in Year 1, its first year of operation: 1. On October 1, Year 1 YD collected $54,000 for consulting services it agreed to provide during the next 12 months. 2. Adjusted the accounts to reflect the amount of consulting service revenue recognized in Year 1. Required Based on this information alone: a. Record the events under an accounting equation b. Prepare an income statement, balance sheet, and statement of cash flows for the...
1. On October 1, 2018, YD collected $54,000 for consulting services it agreed to provide during...
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Yard Designs (YD) experienced the following events in Year 1, its first year of operation: 1. On October 1, Year 1, YD collected $25,200 for consulting services it agreed to provide during the coming year. 2. Adjusted the accounts to reflect the amount of consulting service revenue recognized in Year 1. Required Based on this information alone: a. Record the events under an accounting equation. (Enter any decreases to account balances with a minus sign.) YARD DESIGNS Accounting Equations for...
Yard Designs (YD) experienced the following events in Year 1,
its first year of operation:
On October 1, Year 1, YD collected $40,800 for consulting
services it agreed to provide during the coming year.
Adjusted the accounts to reflect the amount of consulting
service revenue recognized in Year 1.
Required
Based on this information alone:
a. Record the events under an accounting
equation.
b. Prepare an income statement, balance sheet, and
statement of cash flows for the Year 1...
Yard Designs (YD) experienced the following events in Year 1, its first year of operation: 1. On October 1, Year 1 YD collected $54,000 for consulting services it agreed to provide during the next 12 months. 2. Adjusted the accounts to reflect the amount of consulting service revenue recognized in Year 1. Required Based on this information alone: a. Record the events under an accounting equation b. Prepare an income statement, balance sheet, and statement of cash flows for the...
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