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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 2MCQ: In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in...

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Zuhoor Muscat Company reported the following transactions during the year 2020collected RO 45,000 cash from customers for services provided during 2020 and recelved RO 45, 000 from customers for services provided during 2019. Additionally, Zuhoon Muscat Company provided services to customers on account during 2020 for a total of RO 90,000 and accepted RO 55,000 cash for services to be performed in 2021. If Zuhoor Muscat Company applying accrual accounting, then the effect of the above transactions on its net income at yearend 2020 will be: a. Increase by RO 135,000 b. Increase by RO 145,000 . Increase by RO 235,000 dIncrease by RO 190,000 e None of the options are correct

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