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***Question #1*** · Wilde Company earned revenues of $170 in cash and $230 on account during...
Homework#6: Silo Company had the following transactions during Dec. 2018. Earned services revenue on account $4,500,...
Homework#6: Silo Company had the following transactions during Dec. 2018. Earned services revenue on account $4,500, Collected $2,000 in cash for services performed. Paid $1,325 cash in salaries, Purchased airline tickets for $250 cash for a trip in Aug. 2019. Instructions: What is Net Income using Accrual and Cash basis of accounting? Homework #6: Silo Company ACCRUAL BASIS Accrual Basis Income Statements Revenues Operating Expenses Total Operating Expenses Net Income CASH BASIS Revenues Cash Basis Operating Expenses Total Operating Expenses...
QUESTION 26 In its first year of operations. Grace Company reports the following: Earned revenues of...
QUESTION 26 In its first year of operations. Grace Company reports the following: Earned revenues of $60.000 (552,000 cash received from customers): Incurred expenses of 535,000 1531.000 tash paid toward them Prepaid $8,000 cash for costs that will not be expensed until next year. Net income under the accrual basis of accounting is: A. 517.000 OB. 521,000 C 518,000. D.525,000 E. None of the answer choices is correct.
If revenues are recognized and recorded when earned, the company is using the: A. cash basis...
If revenues are recognized and recorded when earned, the company is using the: A. cash basis of accounting. B. accrual basis of accounting. O c. adjustment basis of accounting. D. the expense basis of accounting.
ii ain Menu E3-18A (similar to) Question Help ssignments During 2018, Evensen Network, Inc., which designs...
ii ain Menu E3-18A (similar to) Question Help ssignments During 2018, Evensen Network, Inc., which designs network servers, earned revenues of $900 million. Expenses totaled $510 million. Evensen collected all but $22 million of the revenues and paid $550 million on its expenses. o Homework Read the requirements. ake a Quiz/Test Requirement a. Under accrual accounting, what amount of revenue should Evensen report for 2018? How does the revenue principle help to answer this question? The amount of revenue that...
income LO C1 In its first year of operations, Roma Company reports the following. • Earned...
income LO C1 In its first year of operations, Roma Company reports the following. • Earned revenues of $59.000 ($51,000 cash received from customers). • Incurred expenses of $32,500 ($25,150 cash paid toward them). Prepaid $10,250 cash for costs that will not be expensed until next year. Compute the company's first-year net income under both the cash basis and the accrual basis of accounting. Cash Basis Accrual Basis Revenues Expenses Net Income Prev 1 of 10 Next > o or...
27) In its first year of operations, Bulldog Corporation reports the following: Earned revenues of $100,000...
27) In its first year of operations, Bulldog Corporation reports the following: Earned revenues of $100,000 ($42,000 cash received from customers); incurred expenses of $65,000 ($31,000 cash paid toward them); prepaid $50,000 cash for costs that will not be expensed until next year. Net income under the accrual basis of accounting is: A) $17,000. B) $35,000. C) $13,000. D) $25,000 E) None of these choices are correct.
please answr all Question 16 1 pts During 2020, New Company earned service revenues amounting to...
please answr all
Question 16 1 pts During 2020, New Company earned service revenues amounting to $200,000, of which $120,000 were collected in cash; the balance will be collected in January 2021. The 2020 income statement of the company should report the ing amount for service revenues O $320,000 O $200,000 O $80,000 O $120,000 Question 18 1 pts Which of the following statements is correct about recording transactions in a journal? O Every transaction must affect at least three...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash from accounts receivable during 2018. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, 2018, balance sheet. b. The amount of net income that would be reported on the 2018...
In its first year of operations, Athabasca Corp. earned $51,000 in service revenue. Of that amount,...
In its first year of operations, Athabasca Corp. earned $51,000
in service revenue. Of that amount, $8,400 was on account and the
remainder, $42,600, was collected in cash from customers.
The company incurred various expenses totalling $32,600, of which
$29,100 was paid in cash. At year end, $3,500 was still owing on
account. In addition, Athabasca prepaid $2,000 for insurance
coverage that covered the last half of the first year and the first
half of the second year. Athabasca expects...
Post closing trial balance - 8 POINTS: CASH 20,000 10,000 15,000 Is this example post closing...
Post closing trial balance - 8 POINTS: CASH 20,000 10,000 15,000 Is this example post closing trial balance correct? (write Yes or No) A/R EQUIPMENT A/P 5,000 10,000 15,000 If not, list or describe the errors in the space below: COMMON STOCK RETAINED EARNINGS DIVIDENDS SERVICE REVENUE RENT EXPENSE 3,000 23,000 5,000 53,000 53,000 CASH VS ACCRUAL - 18 POINTS Determine Net Income under both the cash and accrual methods of accounting based on the following information: * The Company...
Homework#6: Silo Company had the following transactions during Dec. 2018. Earned services revenue on account $4,500, Collected $2,000 in cash for services performed. Paid $1,325 cash in salaries, Purchased airline tickets for $250 cash for a trip in Aug. 2019. Instructions: What is Net Income using Accrual and Cash basis of accounting? Homework #6: Silo Company ACCRUAL BASIS Accrual Basis Income Statements Revenues Operating Expenses Total Operating Expenses Net Income CASH BASIS Revenues Cash Basis Operating Expenses Total Operating Expenses...
QUESTION 26 In its first year of operations. Grace Company reports the following: Earned revenues of $60.000 (552,000 cash received from customers): Incurred expenses of 535,000 1531.000 tash paid toward them Prepaid $8,000 cash for costs that will not be expensed until next year. Net income under the accrual basis of accounting is: A. 517.000 OB. 521,000 C 518,000. D.525,000 E. None of the answer choices is correct.
If revenues are recognized and recorded when earned, the company is using the: A. cash basis of accounting. B. accrual basis of accounting. O c. adjustment basis of accounting. D. the expense basis of accounting.
ii ain Menu E3-18A (similar to) Question Help ssignments During 2018, Evensen Network, Inc., which designs network servers, earned revenues of $900 million. Expenses totaled $510 million. Evensen collected all but $22 million of the revenues and paid $550 million on its expenses. o Homework Read the requirements. ake a Quiz/Test Requirement a. Under accrual accounting, what amount of revenue should Evensen report for 2018? How does the revenue principle help to answer this question? The amount of revenue that...
income LO C1 In its first year of operations, Roma Company reports the following. • Earned revenues of $59.000 ($51,000 cash received from customers). • Incurred expenses of $32,500 ($25,150 cash paid toward them). Prepaid $10,250 cash for costs that will not be expensed until next year. Compute the company's first-year net income under both the cash basis and the accrual basis of accounting. Cash Basis Accrual Basis Revenues Expenses Net Income Prev 1 of 10 Next > o or...
27) In its first year of operations, Bulldog Corporation reports the following: Earned revenues of $100,000 ($42,000 cash received from customers); incurred expenses of $65,000 ($31,000 cash paid toward them); prepaid $50,000 cash for costs that will not be expensed until next year. Net income under the accrual basis of accounting is: A) $17,000. B) $35,000. C) $13,000. D) $25,000 E) None of these choices are correct.
please answr all
Question 16 1 pts During 2020, New Company earned service revenues amounting to $200,000, of which $120,000 were collected in cash; the balance will be collected in January 2021. The 2020 income statement of the company should report the ing amount for service revenues O $320,000 O $200,000 O $80,000 O $120,000 Question 18 1 pts Which of the following statements is correct about recording transactions in a journal? O Every transaction must affect at least three...
Holloway Company earned $18,000 of service revenue on account during 2018. The company collected $14,000 cash from accounts receivable during 2018. Required Based on this information alone, determine the following for Holloway Company. (Hint: Record the events in general ledger accounts under an accounting equation before satisfying the requirements.) a. The balance of the accounts receivable that would be reported on the December 31, 2018, balance sheet. b. The amount of net income that would be reported on the 2018...
In its first year of operations, Athabasca Corp. earned $51,000
in service revenue. Of that amount, $8,400 was on account and the
remainder, $42,600, was collected in cash from customers.
The company incurred various expenses totalling $32,600, of which
$29,100 was paid in cash. At year end, $3,500 was still owing on
account. In addition, Athabasca prepaid $2,000 for insurance
coverage that covered the last half of the first year and the first
half of the second year. Athabasca expects...
Post closing trial balance - 8 POINTS: CASH 20,000 10,000 15,000 Is this example post closing trial balance correct? (write Yes or No) A/R EQUIPMENT A/P 5,000 10,000 15,000 If not, list or describe the errors in the space below: COMMON STOCK RETAINED EARNINGS DIVIDENDS SERVICE REVENUE RENT EXPENSE 3,000 23,000 5,000 53,000 53,000 CASH VS ACCRUAL - 18 POINTS Determine Net Income under both the cash and accrual methods of accounting based on the following information: * The Company...
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