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
Ivahew [28]
3 years ago
5

A company maintains its records using cash-basis accounting. During the year, the company received cash from customers, $32,000,

and paid cash for salaries, $24,000. At the beginning of the year, customers owe the company $3,000. By the end of the year, customers owe $5,500. At the beginning of the year, the company owes salaries of $3,100. At the end of the year, the company owes salaries of $5,700. Determine cash-basis net income and accrual-basis net income for the year.
Business
2 answers:
postnew [5]3 years ago
5 0

Answer:

Cash-basis net income: $8,000

Accrual-basis net income: $7,900

Explanation:

A company maintains its records using cash-basis accounting. During the year, the company received cash from customers, $32,000, and paid cash for salaries, $24,000. At the beginning of the year, customers owe the company $3,000. By the end of the year, customers owe $5,500. At the beginning of the year, the company owes salaries of $3,100. At the end of the year, the company owes salaries of $5,700. Therefore, the Cash-basis net income is $8,000  and the Accrual-basis net income is $7,900.

Virty [35]3 years ago
3 0

Answer:

net income cash-basis     8,000

income accrual-basis        7,900

Explanation:

cash revenues                32,000

salaries expense         <u>  (24,000)  </u>

net income cash-basis     8,000

<u>sales for the period:</u>

beginning AR + sales - collected = ending AR

3,000 + sales - 32,000 =  5,500

sales = 34,500

<u>salaries expense:</u>

beginning salaries payables + salaries - paid = ending salaries payable

3,100 + salaries - 24,000 = 5,700

salaries 26,600

revenues                    34,500

salaries                     <u>  (26,600)  </u>

income accrual-basis   7,900

You might be interested in
Many foragers like to get the "best bang for their buck", by focusing on resources (such as plant foods) that are easier to acqu
Sonbull [250]
Kool Aid
Its True
124567890
6 0
3 years ago
If the demand and supply curves for product X are stable, a goverment mandated increase in the price of X will:_______
shepuryov [24]

Answer: C. . increase the quantity supplied of X and decrease the quantity demanded of X.

Explanation:

If the demand and supply curves for product X are stable, a goverment mandated increase in the price of X will result into the increase the quantity supplied of X and decrease the quantity demanded of X.

This is because when there is a rise in price, the suppliers will be willing to supply more while the consumers will demand less of the product.

4 0
3 years ago
How do you start an organization? ​
Zielflug [23.3K]

For a Profit Organization:

1. Select the best business structure which favors you in taxes and protect. Such as corporation, limited liability company, sole proprietorship, general partnership, limited partnerships or a professional incorporation.

2. Decide the name you want to use to advertise your business.

3. Register company name with the state, county and the federal if applicable.

4. Check licensing requirements with the city county, city, state and federal.

5. Open a bank account

6. Advertising and Marketing

For a Non Profit Organization:

1. There are two types of non profit organizations religious and good cause.

2. It has to be registered wither with the state or county, depending upon the structure and the state you want to incorporate.

3. Apply with the federal to obtain a tax exempt status, so that your donors can claim donations on their tax returns.

4. Open a bank account

5. Delegate duties what you have mentioned in the article you submitted to the Internal Revenue Service.

8 0
3 years ago
Starling Company purchased machinery at the beginning of Year 1 at a cost of $86,100. The machinery has an estimated life of fiv
Alja [10]

Answer:  $10,906

Explanation:

Given that,

Purchased machinery at the beginning of Year 1 = $86,100

machinery has an estimated life of five years,

Estimated residual value = $4,305

Accumulated depreciation = $49,077 at the end of Year 2

Year 3 Depreciation expense:

= \frac{Cost\ of\ machinery - Estimated\ residual\ value - Accumulated\ depreciation}{3}

= \frac{86,100 - 4,305 - 49,077}{3}

= $10,906

5 0
3 years ago
Ralph was involved in a bar fight and sustained a blow to the back of the head from a beer bottle. he was dazed and could not se
My name is Ann [436]
Occipital lobe

The occipital lobe is one of the four major lobes in the brain's cerebral cortex. It is located at the back of the head (see attached image). The occipital lobe's primary function is processing and making sense of visual information we receive through our eyes. Damage or trauma to the occipital lobe (in John's case when he got hit on the back of his head) can cause temporary or permanent vision impairment, subject to the severity of the trauma. 

6 0
3 years ago
Other questions:
  • A property owner must spend $10,000 to pave his driveway. Upon completion of construction, his property value will increase by $
    7·1 answer
  • The county supervisor is considering building a community pool and has gathered data on how much residents are willing to pay. H
    7·1 answer
  • What are current assets? a. assets taht will be used for many years assets b. that must be paid for within 12 months any assets
    5·1 answer
  • Aram has plans on going to Georgia Tech to study Biomedical Engineering. Which of the following is he MOST LIKELY attempting to
    6·2 answers
  • You expect interest rates to decline in the near future even though the bond market is not indicating any sign of this change. W
    14·1 answer
  • An investor has sold 1 ABC Jan 50 Call and has bought 1 ABC Apr 60 Call. This is a:________.
    5·1 answer
  • Data Recovery Systems (DRS) has a degree of operating leverage (DOL) equal to 3.2x and a degree of total leverage (DTL) equal to
    9·1 answer
  • Suppose that Brazil imports semiconductors from the United States. The free market price is $30.00 per semiconductor. If the tar
    7·1 answer
  • Peng Company is considering an investment expected to generate an average net income after taxes of $2,000 for three years. The
    8·1 answer
  • Suppose a drought in australia has seriously impaired agricultural productivity. How would that impairment in productivity affec
    6·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!