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
galben [10]
3 years ago
6

Sunland Industries collected $105,000 from customers in 2019. Of the amount collected, $24,400 was for services performed in 201

8. In addition, Sunland performed services worth $38,100 in 2019, which will not be collected until 2020. Sunland Industries also paid $73,200 for expenses in 2019. Of the amount paid, $31,000 was for expenses incurred on account in 2018. In addition, Sunland incurred $41,100 of expenses in 2019, which will not be paid until 2020. Compute 2019 cash-basis net income. Cash-basis net income s 3X Compute 2019 accrual-basis net income. Accrual-basis net income
Business
1 answer:
stepladder [879]3 years ago
4 0

Cash Basis Income:

1. Cash 105000

           Sales revenue    105000

2. Cash  24400

           Sales revenue    24400

3.No entry

4.Expense  73200

            Cash      73200

5.Expense 31000

       Cash        31000

6.No entry

                                               Sunland industries

                                      Cash basis net Income

Sales (105000+24400)                                                                =129400

less: expenses (73200+31000)                                                     =(<u>104200</u>)

                Income                                                                            25200

Accrual Basis Income

. 1.a.)  Account receivable  105000

                              Sales revenue                  105000

    b.) Cash   105000

                              Account receivable   105000

2. a)Account receivable 24400

                Sales  revenue              24400

   b) Cash  24400

               Account receivable   24400

3. Account Receivable  38100

                    Sales revenue      38100

4.a) Expense 73200

               Payable      73200

  b)  Payable         73200

                Cash              73200

5.Payable 31000

            Cash         31000

6. Expenses  41100

           Payable     41100

                                               Sunland industries

                                      Accrual basis net Income

Sales (105000+24400+38100)                                                    =167500

less: expenses (73200+41100)                                                     =(<u>114300</u>)

                Income                                                                              53200

You might be interested in
Edgar accumulated $5,000 in loan debt. If the interest rate is 20% per year and he does not make any payments for 2 years, how m
hodyreva [135]

Answer:

Edgar

The amount he will owe on this debt in 2 years for quarterly compounding is:

= $7,387.28

Explanation:

Accumulated loan debt = $5,000

Interest rate per year = 20%

Period of loan = 2 years

Interest compounding = quarterly

From an online financial calculator:

N (# of periods)  8

I/Y (Interest per year)  20

PV (Present Value)  5000

PMT (Periodic Payment)  0

Results

FV = $7,387.28

Total Interest $2,387.28

3 0
3 years ago
Patrick has chosen to double major in finance and microbiology and studies 14 hours a day as a result. To make it through his st
Varvara68 [4.7K]

Answer:

D) The extra energy benefits Patrick gets from another can are no longer worth the cost. MB/MC (S)

Explanation:

The optimal quantity for Patrick to consume is 5 cans of GreenCow.

This is the quantity where MARGINAL BENEFIT EQUALS MARGINAL COST. For all quantities up to the 5th, the marginal benefit is higher than the marginal cost. This means that Patrick's net benefit is increasing, and consuming all units up to this point make him better off.

If Patrick were to consume any more than 5 cans of GreenCow, the cost of each additional can would be higher than the additional benefit (because the marginal cost curve is higher than the marginal benefit curve). Consuming any cans beyond the 5th, therefore, makes him worse off.

4 0
3 years ago
Ronnie operates a lawn-care service. On each day, the cost of mowing the first lawn is $15, the cost of mowing the second lawn i
OlgaM077 [116]

Answer:

$60

Explanation:

The computation of price is shown below:-

Producer Surplus = Price paid by consumers - Production cost

$100 = Price - ($15 + $25 + $40)

$100 = Price - $80

Price for all = $100 + $80

= $180

Price Per consumer = Price for all ÷ First three lawns

= $180 ÷ 3

= $60

Therefore, for computing the price per consumer we simply divide first three lawn by price for all.

6 0
3 years ago
A company that uses a strategy of selling its products to a distributor in another country would be using.
storchak [24]

A company that uses a strategy of selling its products to a distributor in another country would be using <u>exporting.</u>

<u></u>

<h3><u>How Do Exports Work?</u></h3>

Exports are products and services made in one nation and offered to customers in another. Imports and exports together make up global trade.

Because they give people and businesses access to a larger market for their products, exports are crucial to modern economies. Fostering economic commerce, and boosting exports and imports for the advantage of all trading parties, is one of the primary goals of diplomacy and foreign policy between countries.

<u>Benefits of Exporting for Businesses</u>

There are numerous reasons why businesses export their goods and services. If the goods open up new markets or widen existing ones, exports can boost sales and profits and may even offer the chance to gain a sizeable portion of the worldwide market. Exporting businesses diversify their markets to reduce business risk.

Learn more about export with the help of the given link:

brainly.com/question/17134731

#SPJ4

7 0
1 year ago
A price maker is
Allisa [31]
D. a firm that has some control over the price of the product it sells
4 0
3 years ago
Read 2 more answers
Other questions:
  • Lionel joined the International Council on Hotel, Restaurant and Institutional Education for career guidance. Which profession i
    5·1 answer
  • Nessa is a salesperson who has customers that speak different languages and come from different cultures. She finds it difficult
    12·1 answer
  • Tessa is trying out a new vinaigrette recipe and can't remember the common ingredient ratios. Which of the following is the typi
    9·2 answers
  • Jeff wants to open a basic savings account. He should go to a financial services company a commercial bank an insurance company
    15·2 answers
  • Oriole Chemicals Company acquires a delivery truck at a cost of $32,000 on January 1, 2022. The truck is expected to have a salv
    5·1 answer
  • ou currently own $100,000 worth of Wal-Mart stock. Suppose that Wal-Mart has an expected return of 14% and a volatility of 23%.
    15·1 answer
  • A 20-tooth spur pinion has a diametral pitch of 8, runs at 1200 rev/min, and drives a gear at a speed of 400 rev/min. Find the n
    9·1 answer
  • Revenues generated by a new fad product are forecast as follows:Year Revenues1 $54,000 2 30,000 3 20,000 4 10,000 Thereafter 0 E
    7·1 answer
  • There is no such thing as "the law" in that law comes from many different sources.
    7·1 answer
  • Suppose VS's stock price is currently $20. A six-month call option on VS's stock with an exercise price of $15 has a value of $7
    8·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!