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Oduvanchick [21]
3 years ago
10

Winter Company earned revenues of​ $150,000 in cash and​ $200,000 on account during 2018. Of the​ $200,000 on​ account, $63,000

was collected in cash in 2018 and the rest in 2019. The company incurred expenses of​ $115,000 in 2018 and made payments of​ $70,000 towards the expenses in 2018. What is net income in 2018 under accrual​ accounting?
Business
1 answer:
ICE Princess25 [194]3 years ago
8 0

Answer:

$235,000

Explanation:

Under the accrual accounting system, expenses are recognized in the period incurred and not necessarily in the period cash is paid.

Revenue is also recognized in the period earned and not necessarily when cash is collected.

Total revenue in 2018 = $200,000 + $150,000

= $350,000

Net income is the difference between the revenue and expense

Net income in 2018 = $350,000 - $115,000

= $235,000

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An increase in sale for 90 units, will increase the net income for 1$,170

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<em>We are not given with any information of additional cost or special price for this units, so we use the current values.</em>

So we simply multiply the contribution per unit by the increase in sale.

Contribution Margin  x Δ sales = Δ income

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Each unit contributes with 13 additional income, there are 90 additional units

Total income added 1,170

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The consumer is the one who pays to consume the goods and services produced.

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Always keep in mind that every story needs three storytelling components, such as characters, conflict, and resolution, so make sure yours is accurate and relatable.

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Y_Kistochka [10]

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Read 2 more answers
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