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
navik [9.2K]
3 years ago
9

Qs 3-2 computing accrual and cash income lo c1 in its first year of operations, roma co. earned $64,000 in revenues and received

$56,000 cash from these customers. the company incurred expenses of $35,000 but had not paid $8,100 of them at year-end. the company also prepaid $11,500 cash for costs that will not be expensed until the next year. calculate the first year's net income under both the cash basis and the accrual basis of accounting.
Business
1 answer:
zmey [24]3 years ago
5 0

Answer:

$17,600 ; $29,000

Explanation:

The computation of the net income is shown below:

Based on Cash basis

= Received cash - Expenses incurred in cash - prepaid expenses

= $56,000 - $26,900 - $11,500

= $17,600

Based on Accrual basis

= Revenue earned - expenses incurred

= $64,000 - $35,000

= $29,000

The cash expenses incurred is

= $35,000 - $8,100

= $26,900

You might be interested in
In presentation mode, what happens when you switch between different worksheets?
liq [111]

Presentation mode will be maintained on the display. The presentation mode will continue to be active when switching between worksheets.

<h3>What is a presentation mode?</h3>

Users who need uninterrupted use of their software might use the presentation mode option. It assists in removing any bothersome pop-up windows, reducing CPU consumption, and preventing any disruption from antivirus operations.

<h3>How do I turn on presentation mode?</h3>

Use the shortcut keys Win + X on the keyboard. Select Mobility Center by clicking on it. To turn it on, select the Turn on button under Presentation Settings. Presentation Mode has been turned on.

<h3>What use does presentation mode serve?</h3>

In Present view, the audience may see your slides on the main screen while you control the show on a screen that is only accessible to you.

Learn more about presentation mode: brainly.com/question/14823196

#SPJ4

5 0
1 year ago
Would loaning a friend $10 to buy a movie ticket be an investment? Why or why not
Luden [163]

Answer:

no

Explanation:

An investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future.

3 0
3 years ago
In order to be effective control must be
Vanyuwa [196]

...evaluated through organising questionnaires in the organization.

3 0
3 years ago
A will is the final declaration of how a person desires to have her or his property disposed of after death and must follow exac
Aleksandr-060686 [28]

Answer:

The above statement is<u> true</u>.

Explanation:

As said in above statement , A will is the final declaration of how  person desires to have her or his property disposed of after death and must follow exactly the requirements of state law to be effective. A will is good , as it express your feelings , that to whom you want to give your property after your death . It is always provided to that person you choose.

It protect your children from become homeless after your death. It also protect your property from being contested. A will is only valid if it is having number of years after the persons death.

A will should not include future plans, gifts and request , life insurance etc.  

8 0
3 years ago
Select three aspects that must be considered when analyzing assets.
serious [3.7K]

Answer:

Explanation:

Living expenses

Income

Financial plan

3 0
2 years ago
Other questions:
  • Instructions<br><br> Question:<br><br> State the usefulness of correction signs.<br><br> ‌
    14·1 answer
  • What is debt funding?
    11·1 answer
  • Why would a company place new workers on probation?
    7·2 answers
  • In the context of factors that influence the motivation to learn, when an organization seeks to convince employees that they can
    10·1 answer
  • Smart Talk develops a smartphone with a state-of-the-art camera, allowing customers to use their phones as their main photo and
    9·1 answer
  • On average, someone with a Bachelor's degree is estimated to earn ____ times more than someone with a high school diploma.
    9·2 answers
  • The stadium manager has been tasked with maximizing total revenue (bound by current capacity, of course). What price should she
    15·1 answer
  • Increased access to workplace tools and information means work hours may be more
    9·1 answer
  • You are valuing an investment that will pay you $28,000 per year for the first 4 years, $43,000 per year for the next 12 years,
    10·1 answer
  • Economics!!
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!