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
alex41 [277]
3 years ago
15

Cash flows during the first year of operations for the Harman-Kardon Consulting Company were as follows: Cash collected from cus

tomers, $335,000; Cash paid for rent, $39,000; Cash paid to employees for services rendered during the year, $119,000; Cash paid for utilities, $49,000. In addition, you determine that customers owed the company $59,000 at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $1,900 at year-end, and the rent payment was for a two-year period. Calculate accrual net income for the year.
Business
1 answer:
Svetach [21]3 years ago
3 0

Answer:

The accrual net income for the year is $204,600

Explanation:

The computation of the accrual net income for the year is shown below:

Net income = Revenue - expenditure

where,

Revenue = Cash collected from customers + customers owed at the end of the year

And, the expenditure = Cash paid for rent + Cash paid to employees for services rendered during the year + Cash paid for utilities + gas and electric expenses

Now put these values to the above formula

So, the answer would be equal to

= Cash collected from customers + customers owed at the end of the year - Cash paid for rent - Cash paid to employees for services rendered during the year - Cash paid for utilities - gas and electric expenses

= $335,000 + $59,000 - $19,500 - $119,000 - $49,000 - $1,900

= $204,600

The rent payment is given for two years but we have to compute for the one year only

So, rent payment = $39,000 ÷ 2 = $19,500

You might be interested in
Uncollectible accounts are determined by the​ percent-of-sales method to be 22​% of credit sales. How much is​ uncollectible-acc
dybincka [34]

Answer:

Therefore uncollectibel account expense = 0.22 x 94,000 = $20,680

Explanation:

Uncollectible accounts are determined by the​ percent-of-sales method to be 22​% of credit sales. How much is​ uncollectible-account expense for 2014​?

Uncollectible Accounst will simply be 22% multiplied by the credit sales figure for the year.

Accounts Receivable.....26,000

Allowance for collectible account...1,500

Credit sales for 2014 ...$94,000

Cash Sales for 2014.....28,000

Collection from customers on account...100,000

Therefore uncollectibel account expense = 0.22 x 94,000 = $20,680

6 0
3 years ago
Assume that Jing Company earned $29,400 cash revenue and incurred $18,500 in cash expenses in Year 3. The company uses the strai
ElenaW [278]

Answer:

Explanation:

In every single company, the main aim of installing an office equipment is to make profit. After the office equipment made a revenue of $29400, Jing Company incurred expenses of $18500. The value of the equipment was $29400- $18500= $10900. It was sold for $10400 meaning that the net income of the equipment was $10400-$10900= -$500. Therefore, it will incur a net loss of $500.

8 0
3 years ago
Bellswood Jewelers uses an ID card scanner and six-digit code to allow entry into their jewelry vault. The six-digit code is the
erastova [34]

Answer:

Violate Establishment of responsibility

Explanation:

Establishment of responsibility is an characteristic of control such as internal related methods,measures adopted within an organization to safeguard assets and enhance the reliability of accountability, increase efficiency of operations,etc and which is used for assigning of responsibility to an individuals i.e when only ONE person is responsible for a given task.

Bellswood Jewelers makes used of the principle of establishment of responsibility in it operations.

The salesperson who sees another salesperson’s ID card lying unattended in the break room, and then make uses of the card to enter the vault and steal jewelry worth $36,840 had violated the establishment of responsibility of Bellswood

7 0
3 years ago
What drawbacks will you mention to your supervisor?
Daniel [21]

Answer:

A.IM presents the possibility of privileged information being discussed in public forums.

B.IM can be an additional workplace distraction that keeps employees from focusing on tasks.

Explanation: IM(instant messaging) is a kind of Communication channel or platform that allows you to create Private chartroom with others such as your colleagues. Instant messaging alerts you to inform you that someone in your connections is available online to chat if need be you will enter into a chat Section with him or her,instant messaging is a text based Communication platform.

6 0
3 years ago
The slope of the budget line represents an opportunity cost​ because, moving along the​ line,
son4ous [18]
D. a consumer must give up some of one good in order to get more of the other.
7 0
3 years ago
Other questions:
  • A loan of $300,000 is taken out which requires an annual interest payment of 4.6% of the borrowed amount of money (in market dol
    13·1 answer
  • Which of the following is not deductible as an itemized deduction?a. State income taxesb. Personal property taxesc. Charitable c
    9·2 answers
  • Where would you go to set up margins on a letter?
    10·2 answers
  • 1. Explain the link between scarcity and each of the following.<br>i. Choice, (2 marks)​
    12·1 answer
  • Lonny (37) is a U.S. citizen. He was married at the beginning of the current tax year. His wife lived in the household until Sep
    15·1 answer
  • The days sales in recievable for baker sales is 35 the days sales in receivables for xanadu company is 25 this suggest xanadu is
    8·2 answers
  • If the variable cost per unit goes down, a. Contribution margin increases and Break-even point decreases. b. Contribution margin
    11·1 answer
  • Mathis Company and Reece Company use the perpetual inventory system. The following transactions occurred during the month of Apr
    5·1 answer
  • The demand curve for a monopolist differs from the demand curve faced by a competitive firm because the demand curve for: A. a m
    5·1 answer
  • The ability to interact, be responsible, persevere, be a team player, be motivated, and problem solve are examples of __________
    11·2 answers
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!