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
Akimi4 [234]
3 years ago
11

Carillo Industries collected $108,000 from customers in 2017. Of the amount collected, $25,000 was for services performed in 201

6. In addition, Carillo performed services worth $36,000 in 2017, which will not be collected until 2018.
Carillo Industries also paid $72,000 for expenses in 2017. Of the amount paid, $30,000 was for expenses incurred on account in 2016. In addition, Carillo incurred $42,000 of expenses in 2017, which will not be paid until 2018.
Instructions:
(a) Compute 2017 cash-basis net income.
(b) Compute 2017 accrual-basis net income.
Business
1 answer:
Elis [28]3 years ago
8 0

Answer and Explanation:

The computation is shown below;

But before reaching to the final answers, first do the following calculations

Cash collected $108000

Add Services performed in 2017(not collected) $36000

less Services performed in 2016(collected in 2017) $25000

Revenue for 2017 $119,000

Cash paid in 2017 $72,000

Add Expense incurred not yet paid for 2017 $42000

Less Expense paid for 2016 -$30000

Expense for 2016 $84000

Now

a. Cash basis  

Revenue $108000

Less Expenses -$72,000

Net income $36000

b. Accrual basis  

Revenue for 2017 $119,000

Less Expenses for 2017 $84,000

Net income $35,000

You might be interested in
An equivalent description of the holding of a receive-floating pay-fixed swap is as follows: A. An exchange of a long position i
serious [3.7K]

Answer:

The correct answer is

A)  An exchange of a long position in a fixed-rate bond for a short position in a floating-rate note.

Explanation:

Swapping a fixed interest for a floating one can occur if the fixed interest tenure in comparison to a floating exchange rate becomes less expensive for the entity who took the loan.

Also executing a swap in interest rates (that is giving up the fixed tenure for the floating tenure) helps to ensure that liabilities are kept at minimum whilst assets are maximised.

It is important to note that the capital remains unmodified.

Cheers

4 0
2 years ago
Edison's Performance Pizza is a small restaurant in Chicago that sells gluten-free pizzas. Edison's very tiny kitchen has barely
Dahasolnce [82]
Idk sorry fhifdsdgijkko
6 0
2 years ago
The allowance for doubtful accounts, which appears as a deduction from accounts receivable on a balance sheet and which is based
Dmitry [639]

The answer is<u> "b.expense recognition principle".</u>


The expense recognition principle expresses that costs ought to be perceived in indistinguishable period from the incomes to which they relate. On the off chance that this were not the situation, costs would probably be perceived as acquired, which may originate before or take after the period in which the related measure of income is perceived.  

The expense recognition principle is a center component of the gathering premise of bookkeeping, which holds that incomes are perceived when earned and costs when devoured. On the off chance that a business were to rather perceive costs when it pays providers, this is known as the money premise of accounting.

7 0
3 years ago
The intrinsic rate of the atriobventricular av bundle is beats/min
RUDIKE [14]

The intrinsic rate of the atriobventricular (av) node is 40 to 60 beats per minute (bpm).

<h3>What is the rate for beat for av?</h3>

The arteries and veins are medium of transportation of material and nutrients in the body.

They beats 40 to 60 times in a minutes to show activeness in an individual.

Therefore, the intrinsic rate of the atriobventricular node is 40 to 60 beats per minute (bpm).

Learn more on node below,

brainly.com/question/13164676

#SPJ11

5 0
1 year ago
1. Explain any three sources from which ideas emerge​
Charra [1.4K]

Answer:

Problems: many times ideas emerge as a way to solve existing problems or satisfying unsatisfied needs.

Technological innovations: new technologies can inspire new ideas or ways to do business, e.g. Amazon would not exist without the internet.

Change: changes in society, new regulations or laws also result in new ideas, e.g. the lockdown resulting from the current health crisis resulted in many business coming up with new ideas to change the way they work.

8 0
2 years ago
Other questions:
  • Documents with a lot of text and not much white space:_______
    11·1 answer
  • What is true of representative money? Check all that apply
    5·2 answers
  • Calculate the 4-day moving average for the following data (Remember that
    10·1 answer
  • In an investment center, the manager has the responsibility for and the authority to make decisions that affect a. both costs an
    6·1 answer
  • Personal selling fits into the marketing mix as part of a firm's product strategy. Group of answer choices True False
    10·1 answer
  • Brie buys a subscription to music provided by Concerto, an online streaming service. Before gaining access, Brie must agree to a
    6·2 answers
  • Assume that a currency's spot and future prices are the same, and the currency's interest rate is higher than the U.S. rate. The
    12·1 answer
  • After years of experience, Dilcort Company reasonably estimated that a loss from a pending lawsuit was probable at September 30
    9·1 answer
  • Suppose you purchase five put contracts on Testaburger Co. The strike price is $45, and the premium is $3. If, at expiration, th
    12·1 answer
  • If Randy invests $15,000 at a 9% interest
    7·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!