1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Nataly_w [17]
3 years ago
15

Listed below are several transactions that took place during the first two years of operations for the law firm of Pete, Pete, a

nd Roy. Year 1 Year 2 Amounts billed to clients for services rendered $ 184,000 $ 234,000 Cash collected from clients 167,000 197,000 Cash disbursements Salaries paid to employees for services rendered during the year 97,000 107,000 Utilities 33,500 47,000 Purchase of insurance policy 62,100 0 In addition, you learn that the firm incurred utility costs of $38,500 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period.Prepare an income statement for each year according to the accrual accounting model.
Business
1 answer:
NARA [144]3 years ago
8 0

Answer:

Answer in Attachment

Explanation:

Download xls
You might be interested in
Investment X offers to pay you $4,020 per year for 12 years, whereas Investment Y offers to pay you $2,041 per year for 7 years.
inna [77]

Answer:

$16,481.68

Explanation:

Note that the present value of each yearly cash inflow can be determined using the formula provided below:

PV of cash inflow=cash inflow/(1+discount rate)^n

n is the year in which the cash inflow is expected, it is 1 for year 1 cash inflow, 2 for year 2 and so on.

PV of Investment X=$4,020/(1+11%)^1+$4,020/(1+11%)^2+$4,020/(1+11%)^3+$4,020/(1+11%)^4+$4,020/(1+11%)^5+$4,020/(1+11%)^6+$4,020/(1+11%)^7+$4,020/(1+11%)^8+$4,020/(1+11%)^9+$4,020/(1+11%)^10+$4,020/(1+11%)^11+$4,020/(1+11%)^12

PV of investment X=$26,099.27

PV of investment Y=$2,041/(1+11%)^1+$2,041/(1+11%)^2+$2,041/(1+11%)^3+$2,041/(1+11%)^4+$2,041/(1+11%)^5+$2,041/(1+11%)^6+$2,041/(1+11%)^7

PV of investment Y=$9,617.59  

the difference in PV=$26,099.27-$9,617.59

the difference in PV=$16,481.68  

5 0
3 years ago
What term is used to describe mobile technology that aggregates and provides mobile users content and services such as news, spo
vovangra [49]

A mobile phone is used by a user to perform communications-related tasks . It is used to transfer data between systems.

The most commonly used wireless communication protocol for cellular services. It employs packet switching technology, which divides data into packets for transmission before reassembling it at the other end. GSM is a digital cellular technology that provides mobile data and phone services on a wide range of devices. The Global System for Mobile Communication (GSM) is one of the 2nd telecommunications standards (2G). GSM is simply a wireless network that allows data to be transferred between mobile devices.

Find out more about communication here-

brainly.com/question/22558440

#SPJ4

8 0
1 year ago
Why does economics exist?
aleksley [76]

deals with the production, distribution, and consumption of goods and services.

6 0
3 years ago
Read 2 more answers
Sandy notices a dog tied to a chain behind a fence and recognizes it as belonging to an acquaintance who lives a couple of block
Lubov Fominskaja [6]

Answer:

Sandy is not entitled to any money.

Explanation:

Reasons:

  1. Sandy was unaware of the original offer for a reward.
  2. The dog's owner did not accept Sandy's own offer.
6 0
2 years ago
What is a Limited Purpose credit card?
victus00 [196]
The answer is a hope this help u
7 0
3 years ago
Other questions:
  • A survey is​ valid, if it​ __________. produces distinct results in similar conditions
    15·1 answer
  • Market failure associated with public goods Deborah was willing to contribute $40 this year to her local college radio station.
    7·1 answer
  • On January 1, 2020, Ann Price loaned $212355 to Joe Kiger. A zero-interest-bearing note (face amount, $275000) was exchanged sol
    8·1 answer
  • ​Doug's Boat​ Shop, Inc. reports operating income of​ $260,000 and interest expense of​ $31,200. The average common​ stockholder
    13·1 answer
  • With which two key issues is corporate-level strategy concerned?
    10·2 answers
  • A leveraged buyout refers to a(n): a. action where the management of the firm and/or an external party buys all of the assets of
    11·1 answer
  • [The following information applies to the questions displayed below.] On April 1, 2016, Cyclone's Backhoe Co. purchases a trench
    10·1 answer
  • The vice president of operations of Recycling Industries is evaluating the performance of two divisions organized as investment
    12·1 answer
  • Mariott Condominium, located near San Diego, California, plans to renovate its main building. The project will begin April 1, an
    13·1 answer
  • Knowing what of the product life cycle a product is in helps marketers make intelligent and efficient marketing decisions?
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!