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3 years ago

Given the data below for a firm in its first year of operation, determine net income under the accrual

Business

1 answer:

Lostsunrise [7]3 years ago

6 0

Answer:

correct option is a. $11,750

Explanation:

given data

Revenue recognized = $19,000

Accounts receivable = 3,000

Expenses incurred = 7,250

Accounts payable = 750

Supplies purchased = 1,800

solution

we get here net income that is express as here

Net Income = Revenue recognized - Expenses incurred .........................1

put here value and we will get net income

Net Income = $19000 - $7250

Net Income = $11750

so here correct option is a. $11,750

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Answer:

(a) Increase in cash = $50,200

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Explanation:

Note: There are errors as date and name inconsistency in the requirements in this question. The requirements are therefore correctly stated before answering the question as follows:

(a) Prepare a statement of cash flows for the year 2020 for Ayayai Inc.

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The explanation of the answer is now provided as follows:

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In the attached excel file, we have:

Increase in cash = $50,200

(b) Prepare the balance sheet as it would appear as of December 31, 2020.

Note: See part (b) of the attached excel file for the balance sheet as it would appear as of December 31, 2020.

In the attached excel file, we have:

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2 years ago

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3 years ago

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Part B)

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Part C)

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