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pogonyaev
3 years ago
8

For 2016, RWC earned revenues totaling $250,000. Of that $250,000, $200,000 was collected immediately. In addition, the $20,000

left as accounts receivable from 2015 was collected as well. Accrued expenses throughout 2016 totaled to $190,000 and total cash paid for expenses and other items was $170,000. What would company report on their income statement for Net Income under Accrual Accounting?
Business
1 answer:
vfiekz [6]3 years ago
8 0

Answer:

$60,000

Explanation:

Under accrual basis of accounting,  

Revenues are recorded when it's earned, it does not base on when it is collected.

So the Revenues for 2016 should be $250,000 alone.

Similarly, expenses are recorded when it is incurred rather than when it is paid.

So the Expenses for 2016 should only be $190,000

As a result, the <u>Net Income is $60,000</u> ($250,000 - $190,000)

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Answer:

mainly because of the countries negative trade balance, but also because it is strictly regulated by the central bank which is the National bank of Ethiopia.

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1 year ago
Processing a new employee's employment-related paperwork, acquiring necessary keys and identification cards, and establishing an
jeka94

The answer to this question is a part of Employee onboarding and orientation. An Employee onboarding is the process where a new employee will be welcomed in the company and will inform the new employee of the culture of the company, rules and regulations, and the new hired employee will also receives his or her identification cards, and other related paper works with regards the persons tasks. Also in the employee onboarding, the benefits of the employee are also being discussed to ensure that the new hired employee will know what are his benefits and perks.  Employee Onboarding may take at least 3 days depending on the program schedule that the human resource officer had made. 

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3 years ago
when reviewing their accounts, the yanos company discovered that in the previous year there had been improper treatment of tax l
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The Yanos Company found that the prior year's tax liabilities had been handled incorrectly after reviewing their books. They'll now have to make accounting adjustments. An example of modifications brought on by an error is this.

A person who is able to adjust to changes in their physical, occupational, and social environment is said to be in a state of adjustment. Adjustment, then, is the behavioral process of balancing opposing demands or needs that are hampered by environmental challenges. Both people and animals regularly adapt to their surroundings. For instance, they eat to sate their hunger when it is triggered by their physiological state, which allows them to respond to the hunger stimuli. An failure to respond normally to a need or stress in the environment is a sign of adjustment disorder.

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7 0
11 months ago
Which of the following is true of normal shortages? They do not include theft and shrinkage. These goods are no longer available
never [62]

Answer:

<h2>The correct answer here would be the 1st option given in the answer choices or options or They do not include theft and shrinkage.</h2>

Explanation:

  • From a business standpoint, normal shortages basically indicate comparatively lower inventory availability of goods and services based on their consumer demand or respective sales orders by consumers or buyers.
  • Normal shortage implies that the amount or units goods and services available to the company or firm is not sufficient to fulfill the required consumer or buyer demand for those commodities or services.However,while calculating or computing normal shortage, any unwanted thefts and shrinkage or inadvertent damages of the concerned commodities or goods are not usually considered.
7 0
3 years ago
The process of generating and choosing from a set of alternatives to solve a problem is called:________a. Intuition. b. Satisfic
MatroZZZ [7]

Answer:

c. Decision Making

Explanation:

In psychology, decision-making is considered a cognitive process that results in the selection of an idea or movement among other alternative or possible options. Each decision-making process, whether or not it results in a move, necessarily provides a final choice. To be defined, decision-making is when the decision-maker determines and selects alternatives based on their preferences and values. Decision making can be seen as a problem solving process that results in a satisfactory solution. Since this process is based on personal and / or publicly known information, the result may be rational or irrational. The performance of people, based on their decisions, has been the subject of research in several ways:

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Intuition - the term used in different meanings in philosophy, mysticism, esotericism and different doctrine systems.

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5 0
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