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Tresset [83]
3 years ago
10

Rushmore Company provided services for $45,000 cash during Year 1. Rushmore incurred $36,000 of operating expenses on account du

ring Year 1, and by the end of the year, $9,000 of that amount had been paid with cash. If these are the only accounting events that affected Rushmore during Year 1, which of the following statements is true?

Business
1 answer:
laila [671]3 years ago
6 0

Answer:

The amount of the net income shown on the income statement is $9,000

Explanation:

The computation of the net income is shown below:

Net income = Services provided for cash =  operating expenses incurred

= $45,000 - $36,000

= $9,000

According to the matching principle, the revenues of a particular period should always be matched with the expenses that are incurred in that particular year

So, the net income that is to be reported on the income statement is $9,000

Note: Options are shown in the attachment

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Match the items.
Igoryamba

Answer:

D --> 3

B --> 2

A --> 1

C --> 4

Explanation:

1.- The company should pick the most probable outcome when possible to evaluate liabilities, and only recognize revenues and assets with certain.

Between two  favorable figures, it will pick the lowest if it is not certain about the second outcome.

2.-The accounting should disclosure all information useful for third parties to make knowledgeable decisions about a company

3: the accounting should keep the same method over the years, so the assets valuation follow a certain logic. If the accounting change method every year, then the valuation of the assets will differ from period to period. This will make the books of previous year difficult to compare with the current year.

4.- The company needs to show any important data which is significant to the business

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2 years ago
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Mashcka [7]

Answer:

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Explanation:

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5 0
3 years ago
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Makovka662 [10]

Answer:

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They believe they will not find a job now so have stopped looking. These workers are not included in the labor force.

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Those workers who would like to have full-time job but are employed part-time are considered employed. These workers are included in the labor force.

8 0
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Kruka [31]

Answer and Explanation:

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Therefore we applied the given information to arrive at an answer

6 0
3 years ago
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11Alexandr11 [23.1K]

Answer:

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Explanation:

8 0
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