Homework Answers
Calculate income
| Cash Basis | Accrual Basis | |
| Aug 1 | -2400 | |
| Aug 4 | -4500 | |
| Aug 5 | 1000 | 1000 |
| Aug 8 | -700 | -700 |
| Aug 11 | 3300 | |
| Aug 19 | 0 | 0 |
| Aug 24 | 3300 | |
| Aug 26 | -1500 | |
| Aug 29 | -1000 | -1000 |
| Aug 31 | 2400/3 = -800 | |
| Aug 31 | 1100 | |
| Aug 31 | -408 | |
| Income before tax | -5800 | 2492 |
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Acompany had the following in August: Click the icon to view the transactions.) Below, indicate August...
Tidys Consulting had the following selected transactions in July: (Click the icon to view the transactions.)...
Tidys Consulting had the following selected transactions in July: (Click the icon to view the transactions.) Read the requirements July 1 Prepaid insurance for July through September, $2,700 4 Purchased office furniture for cash, $5,500 5 Performed services and received cash, $1,500. 8 Paid advertising expense, $500 11 Performed service on account, $2,700. 19 Purchased computer on account, $2,000. 24 Collected for July 11 service. 26 Paid account payable from July 19 29 Paid salary expense, $900 31 Adjusted for...
Masters Consulting had the following selected transactions in August: (Click the icon to view the transactions.)...
Masters Consulting had the following selected transactions in August: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Show how each transaction would be handled using the cash basis and the accrual basis. Under each column, give the amount of revenue or expense for August using the cash basis and the accrual basis. (Enter "O" for any transactions that do not affect revenues or expenses. Use parentheses or a minus sign when entering expenses or losses. Round...
More Info August 1 Prepaid insurance for August through October, $1,500. 4 Purchased office furniture for...
More Info August 1 Prepaid insurance for August through October, $1,500. 4 Purchased office furniture for cash, $3,500. 5 Performed services and received cash, $1,600. 8 Paid advertising expense, $300. 11 Performed service on account, $3,400. 19 Purchased computer on account, $1,500. 24 Collected for August 11 service. 26 Paid account payable from August 19. 29 Paid salary expense, $800. 31 Adjusted for August insurance expense (see August 1). 31 Earned revenue of $400 that was collected in advance back...
Requirement 3. The (accural-basis / cash-basis) measure of net income is preferable because it accounts for...
Requirement 3.
The (accural-basis / cash-basis)
measure of net income is preferable because it accounts for
revenues and expenses when they (are recieved or paid
in cash / occur), not when they (are
recieved or paid in cash / occur) . For example, on
May 11, the company (collected / earned)
$3,000 of revenue and increased its wealth as a result. The
(accural-basis / cash-basis) basis
records this revenue, but the (accural-basis /
cash-basis) ignores it.
On May 24, the...
5. The following transactions occurred for Wilke Technology Solutions: 4(Click the icon to view the transactions.)...
5. The following transactions occurred for Wilke Technology Solutions: 4(Click the icon to view the transactions.) Read the requirement" (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) May 1: The business received cash of $105,000 and issued common stock to Zoe Wilke. Date Accounts and Explanation Debit Credit May 1 CE May 2: Purchased office supplies on account, $550. Date Accounts and Explanation Debit Credit May 2 (6) (10) May 4:...
CASH BASIS VERSUS ACCRUAL BASIS ACCOUNTING (11 Marks) The following transactions for January 2020 are as...
CASH BASIS VERSUS ACCRUAL BASIS ACCOUNTING (11 Marks) The following transactions for January 2020 are as follows: 1 Purchased a two-year insurance policy for cash, $1,800 9 Performed a service on account, $800 16 Paid wages to employees, $950 18 Completed a job for a customer and collected $600 cash 23 Collected $500 of the amount owed from May 9 30 Accrued wages of $650 Using the Cash basis of accounting, calculate the Net Income (Loss) for January 2020. (5...
Miller Delivery Service completed the following transactions during December 2016: (Click the icon to view the...
Miller Delivery Service completed the following transactions during December 2016: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record each transaction in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Dec 1: Miller Delivery Service began operations by receiving $10,000 cash and a truck with a fair value of $20,000 from Robert Miller. The business issued Miller shares of common stock in exchange for this contribu Date Accounts...
Cuisine Catering completed the following selected transactions during May 2018: Click the icon to view the...
Cuisine Catering completed the following selected transactions during May 2018: Click the icon to view the transactions.) Read the requirements. Requirement 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the table provided. (Expenses should be shown in parentheses.) Also indicate the dollar amount of the revenue or expense. The May 1 transaction has been completed as an example. (Enter "O" for any...
4. The following transactions occurred for Lawrence Engineering: (Click the icon to view the transactions.) Journalize...
4. The following transactions occurred for Lawrence Engineering: (Click the icon to view the transactions.) Journalize the transactions of Lawrence Engineering. Include an explanation with each journal entry. Use the following accounts: Cash: Accounts Receivable: Office Supplies; Equipment, Accounts Payable; Notes Payable: Common Stock: Dividends, Service Revenue; and Utilities Expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) July 2: Received S14,000 contribution from Brett Lawrence in exchange for common stock....
The following transactions occurred for Webster Technology Solutions: (Click the icon to view the transactions.) Read...
The following transactions occurred for Webster Technology Solutions: (Click the icon to view the transactions.) Read the requirement. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) May 1: The business received cash of $80,000 and issued common stock to Jason Webster Date Accounts and Explanation Debit Credit May 1 Cash LIUL UTE Audriation on the last line of the journal entry table.) coll i Requirement Journalize the transactions of Webster Technology...
Tidys Consulting had the following selected transactions in July: (Click the icon to view the transactions.) Read the requirements July 1 Prepaid insurance for July through September, $2,700 4 Purchased office furniture for cash, $5,500 5 Performed services and received cash, $1,500. 8 Paid advertising expense, $500 11 Performed service on account, $2,700. 19 Purchased computer on account, $2,000. 24 Collected for July 11 service. 26 Paid account payable from July 19 29 Paid salary expense, $900 31 Adjusted for...
Masters Consulting had the following selected transactions in August: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Show how each transaction would be handled using the cash basis and the accrual basis. Under each column, give the amount of revenue or expense for August using the cash basis and the accrual basis. (Enter "O" for any transactions that do not affect revenues or expenses. Use parentheses or a minus sign when entering expenses or losses. Round...
More Info August 1 Prepaid insurance for August through October, $1,500. 4 Purchased office furniture for cash, $3,500. 5 Performed services and received cash, $1,600. 8 Paid advertising expense, $300. 11 Performed service on account, $3,400. 19 Purchased computer on account, $1,500. 24 Collected for August 11 service. 26 Paid account payable from August 19. 29 Paid salary expense, $800. 31 Adjusted for August insurance expense (see August 1). 31 Earned revenue of $400 that was collected in advance back...
Requirement 3.
The (accural-basis / cash-basis)
measure of net income is preferable because it accounts for
revenues and expenses when they (are recieved or paid
in cash / occur), not when they (are
recieved or paid in cash / occur) . For example, on
May 11, the company (collected / earned)
$3,000 of revenue and increased its wealth as a result. The
(accural-basis / cash-basis) basis
records this revenue, but the (accural-basis /
cash-basis) ignores it.
On May 24, the...
5. The following transactions occurred for Wilke Technology Solutions: 4(Click the icon to view the transactions.) Read the requirement" (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) May 1: The business received cash of $105,000 and issued common stock to Zoe Wilke. Date Accounts and Explanation Debit Credit May 1 CE May 2: Purchased office supplies on account, $550. Date Accounts and Explanation Debit Credit May 2 (6) (10) May 4:...
CASH BASIS VERSUS ACCRUAL BASIS ACCOUNTING (11 Marks) The following transactions for January 2020 are as follows: 1 Purchased a two-year insurance policy for cash, $1,800 9 Performed a service on account, $800 16 Paid wages to employees, $950 18 Completed a job for a customer and collected $600 cash 23 Collected $500 of the amount owed from May 9 30 Accrued wages of $650 Using the Cash basis of accounting, calculate the Net Income (Loss) for January 2020. (5...
Miller Delivery Service completed the following transactions during December 2016: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Record each transaction in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Dec 1: Miller Delivery Service began operations by receiving $10,000 cash and a truck with a fair value of $20,000 from Robert Miller. The business issued Miller shares of common stock in exchange for this contribu Date Accounts...
Cuisine Catering completed the following selected transactions during May 2018: Click the icon to view the transactions.) Read the requirements. Requirement 1. Show whether each transaction would be handled as a revenue or an expense using both the cash basis and accrual basis accounting systems by completing the table provided. (Expenses should be shown in parentheses.) Also indicate the dollar amount of the revenue or expense. The May 1 transaction has been completed as an example. (Enter "O" for any...
4. The following transactions occurred for Lawrence Engineering: (Click the icon to view the transactions.) Journalize the transactions of Lawrence Engineering. Include an explanation with each journal entry. Use the following accounts: Cash: Accounts Receivable: Office Supplies; Equipment, Accounts Payable; Notes Payable: Common Stock: Dividends, Service Revenue; and Utilities Expense. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) July 2: Received S14,000 contribution from Brett Lawrence in exchange for common stock....
The following transactions occurred for Webster Technology Solutions: (Click the icon to view the transactions.) Read the requirement. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) May 1: The business received cash of $80,000 and issued common stock to Jason Webster Date Accounts and Explanation Debit Credit May 1 Cash LIUL UTE Audriation on the last line of the journal entry table.) coll i Requirement Journalize the transactions of Webster Technology...
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