INTERMEDIATE ACCT CONNECT ACCESS
16th Edition
ISBN: 9781264025763
Author: SPICELAND
Publisher: INTER MCG
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From the attached image, which deferred revenue do we need to consider for calculations? I can see two of them one is current and the other one is net of the current portion.
Questions about the Income Statement.
a. List 2 expense accounts AND their amounts for 2020.
b. What was the net profit/(loss) for 2020? What about 2019?
c. Compared with 2019, has the net profit/(loss) increased or decreased?
Questions about the Statement of Financial Position.
a. How much was the Cash account balance at December 31, 2020? What about 2019?
b. Mention the biggest liability with its amount for the company at December 31, 2020.
c. What was the Total Equity for the company at December 31, 2020? What about December 31, 2019?
MBA Company had the following income statement in 2019: depreciation OMR20000, net income OMR90000.The The following accounts increased during 2019: Accounts receivable OMR22000, Account payableOMR3400, inventoriesOMR46000.Cash from operating activities is:
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- Simone Inc. reported revenue of P3,000,000 in its accrual basis income statement for the year ended December 31, 2019. Additional information are as follows: Accounts receivable, December 31, 2018, P600,000 and Accounts receivable, December 31, 2019, P1,000,000. Under the cash basis, how much should Simone Inc. report as revenue for 2019?arrow_forwardRaghubhaiarrow_forwardPlease use the image below to prepare an income statement for 2021 and 2022 for the company.arrow_forward
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