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aivan3 [116]
3 years ago
15

Newman Consulting Company maintains its records on a cash basis. During 2021 the following cash flows were recorded: cash receiv

ed for services rendered to clients, $420,000; and cash paid for salaries, utilities, and advertising, $240,000, $35,000, and $12,000, respectively. You also determine that customers owed the company $52,000 and $60,000 at the beginning and end of the year, respectively, and that the company owed the utility company $6,000 and $4,000 at the beginning and end of the year, respectively. Determine accrual net income for the year
Business
1 answer:
Rainbow [258]3 years ago
3 0

Answer: $143,000

Explanation:

Accrual Income for the year = Cash from clients + Closing receivable balance - Opening receivable balance - Salaries - (Utilities - Opening utilities owed + closing utilities owed) - Advertising

= 420,000 + 60,000 - 52,000 - 240,000 - (35,000 - 6,000 + 4,000) - 12,000

= $143,000

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Bethenny, who resides in Rhode Island, breached a contract entered into in Florida with Geraldo. Geraldo successfully obtains a
Anarel [89]

Answer:

C. Geraldo will be able to sell the beach house in North Carolina through attachment jurisdiction, but he must return to Bethenny any funds obtained in excess of amounts owed

Explanation:

Under attachment jurisdiction also called quasi in rem jurisdiction, Geraldo who has suffered damages on contract breach will be compensated for losses or obtain judgement through the sale of the beach house in North Carolina thowever any excess funds on debt owed gotten through the sale of the house must be remitted or returned to the debtor Bethenny

5 0
3 years ago
When firms price-discriminate, people with ________ price elasticity of demand will pay ________ prices relative to those purcha
kaheart [24]
When a firm uses price descrimination, people with an inelastic demand curve will pay higher prices for the item relative to those purchasing the product and have an elastic demand curve
5 0
3 years ago
Shelly's company produces computers, phones, and tablets. About six months ago, Shelly began to keep track of number of hours wo
charle [14.2K]

Answer: B.) productivity at the work site has increased.

Explanation: The considerable increase in output at the work site while still maintaining the same number of workers and hours worked over the last six months shows that the productivity at the work site has increased. Productivity which is usually compares unit output to the rate of inout per unit. The effectiveness of the input or production effort is used to measure the degree of productivity. Therefore, when the output derived by maintiaing the same unit of input increases, then productivity has increased. If it decreases, then productivity has decreased.

8 0
3 years ago
A company revenue reports the following information as of December 31: Sales revenue $800,000 Cost of goods sold 600,000 Operati
Wittaler [7]

Answer:

$320,000

Explanation:

As we know that the

Comprehensive Income = Operating profits + Unrelated profits

The unrelated profits here is profit generated arising due to the sale of debt securities which is not the core operation of the company and hence is unrelated profits.

So by putting values we have:

Comprehensive Income =  ($800,000 - $600,000 + $90,000)  + $30,000

Comprehensive Income =  $320,000

4 0
3 years ago
Read 2 more answers
All of the following assets require a title as proof of ownership, except: Group of answer choices Life insurance. Boat. Home. V
bearhunter [10]

Answer:

Life insurance.

Explanation:

A life insurance policy can be defined as a contract between a policyholder and an insurer, in which the insurer agrees to pay an amount of money to a specific beneficiary either upon the death of the insured person (decedent) or after a set period of time.

All of the following assets such as home, boat, vehicle require a title as proof of ownership, except a life insurance because no one person can present a proof to attest to the ownership of their life.

Simply stated, a life of an individual is abstract and as such can not be quantified or qualified by any document as a proof to be presented to another person or business entity. Thus, a life insurance cannot be used as a collateral to obtain credits or loans from a financial institution or investors.

3 0
3 years ago
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