In 2018, Coca Cola Company earned service revenues amounting to P700,000, of which P630,000 was collected in cash; the balance will be collected in January 2019. The 2018 income statement of the company should report the amount for service revenues of _______
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- In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of S4,500 for services to be performed in January 2020. Swanstrom also receives the December utility bill for S600 but does not pay this bill until 2020. For 2019, under the accrual basis of accounting, Swanstrom would recognize: a. $8,000 of revenue and $600 of expense. b. $8,000 of revenue and $0 of expense. c. $3,500 of revenue and $600 of expense. d. $3,500 Of revenue and $0 of expense.CPK ** Associates is a mid-size legal firm, specializing in closings and real estate law in the south. In 2019, they generated $945,000 in sales revenue. Their expenses related to this year’s revenue are shown: Based on the information provided for the year, what was their net operating income?The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
- Flip or Flop is a retail shop selling a wide variety of sandals and beach footwear. In 2019, they had gross revenue from sales totaling $93,200. Their operating expenses for this same period were $34,000. If their Cost of Goods Sold (COGS) was 21% of gross revenue, what was their net operating income for the year?Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income statement. In addition, Reinhardt paid of dividends during 2019. On December 31, 2019, Reinhardt prepared closing entries. The net effect of the closing entries on retained earnings was a(n): a. decrease of $4,000. b. increase of $35,000. c. increase of $39,000. d. decrease of $87,000.Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
- In 2017, Coca Cola Corporation incurred operating expenses amounting to P100,000 of which P75,000 was paid in cash; the balance will be paid in January 2018. What amount should be reported for operating expenses in 2017?During 2018, Evensen Network , Inc., which designs network services, earned revenues of $900 million. Expenses totaled $580 million. Evensen collected all but $21 million of the revenues and paid $590 million on its expenses. b. Under accrual accounting, what amount of total expense should Evensen report for 2018? Which accounting principle helps to answer this question? The amount of total expense that should be reported for the year is $ million.During 2022, a company makes credit sales of $500, of which $375 is collected at year-end. It pays $200 in expenses and owes $25 for electricity used during 2022. What would the profit be if cash accounting rather than accrual accounting was used? type the number
- Marigold Consulting uses the cash basis of accounting and a fiscal year ending December 31. Beginning on September 1, 2021, Marigold performs services for Bramble International at a rate of $3900 per month. On February 12, 2022, Bramble pays Marigold $19500 in full for all services rendered from September 1, 2021 to January 31, 2022. Marigold understated revenues by ________ on its 2021 income statement. $15600 $19500 $3900 $11700During 2020, Reliable Corporation had cash and credit sales of $21,760 and $15,225, respectively. The company also collected accounts receivable of $9,765 and incurred operating expenses of $27,700, 80% of which were paid during the year. In addition, Reliable prepaid $4,500 for an 18 month advertising campaign that began September 30. Reliable’s accrual basis net income (loss) for the year ending December 31, 2020 was: Group of answer choices A. $8,535 B. $14,075 C. ( $775) D. $9,285During 2020, Best Corporation had cash and credit sales of $36,420 and $18,560, respectively. The company also collected accounts receivable of $10,350 and incurred operating expenses of $39,600, 80% of which were paid during the year. In addition, Best prepaid $4,500 for an 18 month advertising campaign that began September 30. Best Company's accrual basis net income (loss) for the year ending December 31, 2020 was: Group of answer choices A. $8,535 B. $240 C. $14,630 D. $18,800