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Paul [167]
3 years ago
15

Jules & Associates had the following information available related to revenues and expenses for the current period: Services

provided for cash - $123,000 Services provided on account - $240,000 Expenses paid in cash - $140,000 Expenses incurred on account - $42,000 Assuming no subsequent collection or payment for revenues and expenses on account, what is Jules & Associates net income under both the cash and accrual basis of accounting?
Business
1 answer:
LiRa [457]3 years ago
5 0

Answer:

Net income in cash = -$17,000

Net income of accounting= $ 198,000

Explanation:

 $123,000 service provided for cash

-$140,000 Expenses paid in Cash

= -$17,000 Net income in cash

$240,000  Services provided on account

-$42,000  Expenses on account

=$198.000 Net Income of accounting

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Explanation:

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4 years ago
Oscar's Flower Shop maximizes profits by hiring four workers in a perfectly competitive labor market. The workers and their valu
MissTica

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Explanation:

Marginal productivity of income distribution refers to the additional revenue derived from the marginal unit of product produced and that wages should be equal to the marginal revenue derived from the production of additional or marginal product and this is achieved at equilibrium.

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4 years ago
the clause in a mortgage that best describes the requirement of the mortgagee to execute a satisfaction of mortgage when the not
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The clause in a mortgage that best describes the requirement of the mortgagee to execute a satisfaction of mortgage when the note has been fully paid is <u>defeasance</u>

<u></u>

<h3>What Is Defeasance?</h3>

When the borrower sets aside cash or bonds big enough to pay the obligation, the contract's defeasance clause renders the bond or loan worthless on the balance sheet. The outstanding debt and cash balance on the balance sheet are equal, thus they do not need to be reported because the borrower sets aside funds to pay down the bonds.

Buying commercial real estate is one instance of using defeasance. Due to commitments to bondholders having a stake in the commercial mortgage-backed securities (CMBS) that houses the loan, commercial loans may have hefty prepayment penalties in contrast to home mortgages.

To learn more about defeasance from given link

brainly.com/question/17253783

#SPJ4

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