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Answer) May 31 Fang will recognize revenue when services are performed since fang serviced the car on may 31, it will recognize the revenue on that day |
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Fang's Tune-Up Shop Ltd. uses the accrual basis of accounting. Fang services a...
James's Tune-up Shop follows the revenue recognition principle. Jim finished repairing a car on July 31....
James's Tune-up Shop follows the revenue recognition principle. Jim finished repairing a car on July 31. The customer picked up the cas on August 1 and mailed the payment to James on August 5. James received the check in the mail on August 6. What date should James show that the revenue was earned? Justify your answer.
Sheepskin Company had the following transactions during 2006 Sales of $4,500 on accoun Collected $2,000 for...
Sheepskin Company had the following transactions during 2006 Sales of $4,500 on accoun Collected $2,000 for services to be performed in 2007 Paid $625 cash in salaries Purchased airline tickets for $250 in December for a trip to take place in 2007 . 10. What is Sheepskin's 2006 net income using cash basis accounting? A) $1,375 B) $5,625 C) $1,125 D) $5,875 11. What is Sheepskin's 2006 net income using accrual accounting? A) S5,625 B) $3,875 C) $3,625 D) $5,875...
1) If a company is using accrual basis accounting, when should it record revenue? A) when...
1) If a company is using accrual basis accounting, when should it record revenue? A) when cash is received, even though services may be performed at a later date B) when services are performed, even though cash may be received at a later date C) before services are performed D) when cash is received, 30 days after the completion of the services 2) When does a company account for revenue if it uses cash basis accounting? A) when services are...
1) Entity N follows the revenue recognition principle. It services a vehicle on September 30. The...
1) Entity N follows the revenue recognition principle. It services a vehicle on September 30. The customer picks up the vehicle on October 1 and mails the payment to Entity N on October 7. Entity N receives the check in the mail on October 9. When should Entity N show that the revenue was recognized? a) september 30th b) october 7th c) october 1st d) october 9th 2. Entity M signed a six-month note payable in the amount of $60,000...
solve all these problem please thank you 1. Under accrual basis of accounting, when an organization...
solve all these problem please
thank you
1. Under accrual basis of accounting, when an organization receives capital for services provided in the future, then the organization will debit it's cash account and balance this transaction with a credit to this account. 2. Under accrual basis of accounting, when an organization owes wages to it's employees for services provided, then the organization will debit it's wages expense account and balance this transaction with a credit to this account. _ 3....
Use the following to answer questions 1-4 A company maintains its records using accrual basis accounting;...
Use the following to answer questions 1-4 A company maintains its records using accrual basis accounting; however, their accountant wants to create a statement of cash flows and needs to determine the cash flow from operating activities. For simplicity, we assume only one expense account (salaries). The following is data gathered from their records. Services provided to customers during the period Salaries expense for the period Accounts receivable (beginning balance) Accounts receivable (ending balance) Salaries payable beginning balance) Salaries pavable...
Screen Capture Foroe Completion This teat can be savad and eumed atary point ual time has...
Screen Capture Foroe Completion This teat can be savad and eumed atary point ual time has expred The timar wil contrue to run i you leave the tast. Remaining Time: 1 hour, 09 minutes, 09 seconds. Question Completion Status Morg anerar queston wil save this worse Queston 2 of 20 Question 2 points Answer Khaled Repair Shop follows te revenue recognition principle. haled sences a car cn October 31 The customer picks up the vehicle on November l and ma...
Chapter 3 Basic Accounting Systems: Accrual Basis P3-2 Adjustment process Adjustment data for San Mateo Health...
Chapter 3 Basic Accounting Systems: Accrual Basis P3-2 Adjustment process Adjustment data for San Mateo Health Care Inc. for January are as follows: 1. Insurance expired, $900. 2. Supplies on hand on January 31, $1,200. 3. Depreciation on building, $2,300. 4. Unearned rent revenue earned, $3,000. 5. Wages owed employees but not paid, $2,900. 6. Services provided but not billed to patients, $5,000. Instructions Based on the transactions recorded in January for Problem 3-1, record the adius January using the...
multiple-choice questions Financial Accounting for Business about ( Accrual Accounting) 6)On February 1, 20x1 the Abdoll...
multiple-choice questions Financial Accounting for Business about ( Accrual Accounting) 6)On February 1, 20x1 the Abdoll business paid Fraser $13481 cash to complete a renovation on their property starting in May 20x1 and ending August 31, 20x1. Both parties agreed to the work being completed in equal parts over the summer. Fraser’s year-end is June 30, 20x1. Assuming the initial entry made on February 1, 20x1 by Fraser was a credit of $13481 to revenue, the following adjusting entry is...
Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided...
Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays Its expenses and to credit revenue accounts when customers pay for services in advance. Prepare Journal entries for items a through d and the adjusting entries as of its December 31 perlod-end for items e through g. a. Supplies are purchased on December 1 for $2,000 cash. b. The company prepaid its Insurance premiums for $1,540 cash...
Sheepskin Company had the following transactions during 2006 Sales of $4,500 on accoun Collected $2,000 for services to be performed in 2007 Paid $625 cash in salaries Purchased airline tickets for $250 in December for a trip to take place in 2007 . 10. What is Sheepskin's 2006 net income using cash basis accounting? A) $1,375 B) $5,625 C) $1,125 D) $5,875 11. What is Sheepskin's 2006 net income using accrual accounting? A) S5,625 B) $3,875 C) $3,625 D) $5,875...
1) If a company is using accrual basis accounting, when should it record revenue? A) when cash is received, even though services may be performed at a later date B) when services are performed, even though cash may be received at a later date C) before services are performed D) when cash is received, 30 days after the completion of the services 2) When does a company account for revenue if it uses cash basis accounting? A) when services are...
solve all these problem please
thank you
1. Under accrual basis of accounting, when an organization receives capital for services provided in the future, then the organization will debit it's cash account and balance this transaction with a credit to this account. 2. Under accrual basis of accounting, when an organization owes wages to it's employees for services provided, then the organization will debit it's wages expense account and balance this transaction with a credit to this account. _ 3....
Use the following to answer questions 1-4 A company maintains its records using accrual basis accounting; however, their accountant wants to create a statement of cash flows and needs to determine the cash flow from operating activities. For simplicity, we assume only one expense account (salaries). The following is data gathered from their records. Services provided to customers during the period Salaries expense for the period Accounts receivable (beginning balance) Accounts receivable (ending balance) Salaries payable beginning balance) Salaries pavable...
Screen Capture Foroe Completion This teat can be savad and eumed atary point ual time has expred The timar wil contrue to run i you leave the tast. Remaining Time: 1 hour, 09 minutes, 09 seconds. Question Completion Status Morg anerar queston wil save this worse Queston 2 of 20 Question 2 points Answer Khaled Repair Shop follows te revenue recognition principle. haled sences a car cn October 31 The customer picks up the vehicle on November l and ma...
Chapter 3 Basic Accounting Systems: Accrual Basis P3-2 Adjustment process Adjustment data for San Mateo Health Care Inc. for January are as follows: 1. Insurance expired, $900. 2. Supplies on hand on January 31, $1,200. 3. Depreciation on building, $2,300. 4. Unearned rent revenue earned, $3,000. 5. Wages owed employees but not paid, $2,900. 6. Services provided but not billed to patients, $5,000. Instructions Based on the transactions recorded in January for Problem 3-1, record the adius January using the...
Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays Its expenses and to credit revenue accounts when customers pay for services in advance. Prepare Journal entries for items a through d and the adjusting entries as of its December 31 perlod-end for items e through g. a. Supplies are purchased on December 1 for $2,000 cash. b. The company prepaid its Insurance premiums for $1,540 cash...
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