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
Each establishment, whether small or big, government-owned or private companies, always have to backup their files in case of emergencies. As you make your backup plan, you must come across these five basic key questions:
1. Are you backing up all your data? You have to sort your files to be backed up because storage can be limited.
2. How often is your data backed up? You must make sure to back up your data on a regular basis, if not day-to-day.
3. Who is responsible for your backups? For big companies, it is too big of a task for one person to shoulder. Usually, this is tackled by a department, usually the I.T. Department.
4. Do your backups actually work? You should test regularly if these back ups actually work by restoring data files every now and then.
5. Do you have right backup checks and balances in place? The I.T Department tackling backup plans is one thing. But there should also be checks and balances so that you have a backup of your backup. It's better to be safe than sorry.
Answer:
d. The gain of $5,000 is deducted in the operating activities section of the statement of cash flows.
Explanation:
Printing machine is fixed Asset and gain on sale of fixed assets are deducted in operating activities before changes in working capital as it is non operating income and these are deducted from the figure of net profit which is shown in operating activities.
