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
MariettaO [177]
3 years ago
7

Harbert, Inc. had a beginning balance of $12,000 in its Accounts Receivable account. The ending balance of Accounts Receivable w

as $10,500. During the period, Harbert collects $72,000 of its accounts receivable. Harbert incurred $63,000 of cash expenses during the accounting period.
Required
a. Based on the information provided, determine the amount of revenue recognized during the accounting period.
b. Based on the information provided, determine the amount of net income earned during the accounting period.
c. Based on the information provided, determine the amount of cash flow from operating activities.
Business
1 answer:
irakobra [83]3 years ago
4 0

Answer:

a. $70,500

b. $7,500

c. $9,000

Explanation:

a. The computation of the amount of revenue is shown below:-

Amount of revenue = Ending balance of accounts receivable + Cash collected - Beginning balance of accounts receivable

= $10,500 + $72,000 - $12,000

= $70,500

b. The computation of net income earned during the accounting period is shown below:-

Net income = Revenue generated - Expenses

= $70,500 - $63,000

= $7,500

c. The computation of amount of cash flow from operating activities is shown below:-

Net cash flow from operating activities = Cash collection - Amount paid for operating expenses

= $72,000 - $63,000

= $9,000

You might be interested in
Based on your observations of connective tissue in Experiment 2, which statement explains the difference between loose and dense
zaharov [31]

The difference between loose and dense connective tissue is there is much more space between the fibers and cells in loose connective tissue than in dense connective tissue.

Option D

Explanation:

The two types of conjunctive tissue found in animals are the loose and compact connective tissues.

Connective tissue primarily serves soft bodies structurally. It also facilitates the provision of the epithelial tissue of nutrients and oxygen.

Elastic conjunctive tissue includes fibres that are elastic, whereas thick connective tissue comprises tightly structured fibres. Therefore the principal difference in the density of the extracellular matrix in each type of conjunctive tissue is between loose and dense binding tissue.

6 0
4 years ago
Network Inc, a British software company, is setting up a new firm in India. Nathan, the manager, has arranged a training program
olasank [31]

Answer: This training program is an attempt to bridge the gap in adopting technical knowledge, language barriers and sharing best practice ideas of differences.

Explanation:

In this case, Manager Mr. Nathan has attempted to impart the training schedule for all employees working in the Network Inc. India is the land of diversified cultures and languages. By training the employees to learn the traditional values of the Indian countries. Languages actually reflect the ethics and social behavior originating from beliefs starting from the ancient civilizations of India.

The trainees will get an advantage to forgo the difference of gap in knowing technical expertise. The old ideas in any two Indian languages can teach some business tactics and can share the minute observation which can present in the business objectives. At the same time, the proof of linguistics basics can also be shared by learning old Indian Languages like Tamil and Sanskrit.

3 0
3 years ago
Managers often use a(n) _____ approach when making organizational decisions - using financial performance such as profit as the
Studentka2010 [4]

Managers often use a(n) utilitarian approach when making organizational decisions - using financial performance such as profit as the best definition of what constitutes an ethical choice for the company.

<u>Explanation:</u>

When decisions are taken by taking benefits and the costs that are associated with stakeholders into consideration is an utilitarian approach. The main thing that is considered in this approach for taking any decision is consideration of the outcome and net result of the action that is to be taken.

It aims in taking an action that has greater good for many number of people and less harm for lesser number of people. It considers both the people who gets benefits and those people who suffer from the decision. It mainly focus on choosing an alternate that is more ethical and produces a good balancing of benefits than harm.

8 0
4 years ago
Rex's doughnuts can produce only 100 doughnuts a day. the variable cost incurred per unit is $2 and fixed costs incurred per day
vladimir1956 [14]
The total cost that is incurred by producing 100 doughnuts is equal to the sum of the variable cost and the fixed cost. The total variable cost is,
    total variable cost = ($2/doughnut)(100 doughnuts) = $200

The total cost is,
   Total cost = total variable cost + total fixed cost
     TC = $200 + $500 = $700

Equating the cost and the revenue,
     TC = TR
     $700 = (100)(x)

The value of x from the equation is $7.

ANSWER: $7. 
3 0
3 years ago
Santana Company exchanged equipment used in its manufacturing operations plus $2,000 in cash for similar equipment used in the o
Ede4ka [16]

Solution :

We know that the exchange takes place when the FMV receive is equal to the FMV given up.

Where the FMV = fair market value

The commercial substance means the future cash flows exchange.

The non monetary exchange refers to the cash which is less than 25% of the fair value exchange.

The journal entries for the Santana Corp. when the exchange lack the commercial substance are reported as :

Transaction                                           Debit ($)                 Credit ($)

Asset(new)                                           11,000

Accumulated depreciation(old)          9,000

Asset (old)                                                                       28,000

Cash                                                                                 2000

The journal entries for Delaware Corp. when the exchange lacks the commercial substance.

Transaction                                           Debit ($)                 Credit ($)

Asset(new)                                            16,000  

Accumulated depreciation (old)          10,000

Loss                                                                                      2500

Assets (old)                                                                           28,000                                  

7 0
3 years ago
Other questions:
  • Marvin, the CEO of Flexus Inc, believes in sharing problems faced by the company with his employees. He prefers getting ideas an
    8·1 answer
  • you have 1500 parts in inventory at the beginning of your shift, your total parts for the day need to be 2300. How many more par
    15·1 answer
  • Blue Company purchased 60 percent ownership of Kelly Corporation in 20X1. On May 10, 20X2, Kelly purchased inventory from Blue f
    10·1 answer
  • How can you benefit from mentoring if you don't work for a company with a formal mentoring program?
    11·2 answers
  • ________ offer accounting services to the public and are licensed at the state level.
    6·1 answer
  • Why do countries specialize? Check all that apply.a) to produce more of certain goods and services in a more efficient wayb) to
    13·2 answers
  • Kingbird, Inc. purchased office supplies costing $7980 and debited Supplies for the full amount. At the end of the accounting pe
    5·1 answer
  • The Crane Company issued $250,000 of 10% bonds on January 1, 2020. The bonds are due January 1, 2025, with interest payable each
    8·1 answer
  • Metlock, Inc. purchases land for $430000 cash. The clinic assumes $4600 in property taxes due on the land. The title and attorne
    5·1 answer
  • Stephanie has been segmenting the market to help her grow her catering business. She is now at final stage in the segmentation p
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!