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AccountingCornerstones of Financial Accounting4th Edition

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Chapter 3, Problem 29BE
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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 11DQ
Problem 12DQ
Problem 13DQ
Problem 14DQ
Problem 15DQ
Problem 16DQ
Problem 17DQ
Problem 18DQ
Problem 19DQ
Problem 20DQ
Problem 1MCQ
Problem 2MCQ
Problem 3MCQ
Problem 4MCQ
Problem 5MCQ
Problem 6MCQ
Problem 7MCQ
Problem 8MCQ
Problem 9MCQ
Problem 10MCQ
Problem 11MCQ
Problem 12CE
Problem 13CE
Problem 14CE
Problem 15CE
Problem 16CE
Problem 17CE
Problem 18CE
Problem 19CE
Problem 20CE
Problem 21CE
Problem 22CE
Problem 23CE
Problem 24CE
Problem 25CE
Problem 26CE
Problem 27CE
Problem 28BE
Problem 29BE
Problem 30BE
Problem 31BE
Problem 32BE
Problem 33BE
Problem 34BE
Problem 35BE
Problem 36BE
Problem 37BE
Problem 38E
Problem 39E
Problem 40E
Problem 41E
Problem 42E
Problem 43E
Problem 44E
Problem 45E
Problem 46E
Problem 47E
Problem 48E
Problem 49E
Problem 50E
Problem 51E
Problem 52E
Problem 53E
Problem 54E
Problem 55E
Problem 56E
Problem 57E
Problem 58E
Problem 59E
Problem 60E
Problem 61E
Problem 62APSA
Problem 63APSA
Problem 64APSA
Problem 65APSA
Problem 66APSA
Problem 67APSA
Problem 68APSA
Problem 69APSA
Problem 70APSA
Problem 71APSA
Problem 62BPSB
Problem 63BPSB
Problem 64BPSB
Problem 65BPSB
Problem 66BPSB
Problem 67BPSB
Problem 68BPSB
Problem 69BPSB
Problem 70BPSB
Problem 71BPSB
Problem 72C
Problem 73.1C
Problem 73.2C
Problem 73.3C
Problem 74.1C
Problem 74.2C
Problem 75C
Problem 76C
Problem 77.1C
Problem 77.2C
Problem 78.1C
Problem 78.2C
Problem 78.3C
Problem 79.1C
Problem 79.2C
Problem 79.3C
Problem 79.4C
Problem 79.5C
Problem 80.1C
Problem 80.2C
Problem 80.3C
Problem 80.4C
Problem 81.1C
Problem 81.2C
Problem 81.3C
Problem 81.4C
Problem 81.5C
Problem 81.6C
Problem 81.7C
BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
278 views

Brief Exercise 3-29

Revenue and Expense Recognition

Lauhl Corporation provides janitorial services to several Office buildings. During April, Lauhl engaged in the following transactions:

  1. On April 1, Lauhl received from Metro Corporation to provide cleaning services over the next 6 months.
  2. On April 5, Lauhl purchased and received S8,500 of supplies on credit from Eagle Supply Company. During the month, Lauhl paid $5,000 to Eagle and used Sl,300 of the supplies.
  3. On April 20, Lauhl performed one-time cleaning services of $2,500 for Jones Company. Jones paid Lauhl the full amount on May 10.
  4. On April 30, Lauhl paid employees wages of $3,400. An additional $850 was owed to employees for work performed in April.

Required:

Calculate the amount of net income that Lauhl should recognize in April under (1) cash-basis accounting and (2) accrual-basis accounting.

To determine

Concept Introduction:

Accounting is an art of recording, classifying, analyzing and summarizing the financial statement to produce meaningful information and reports.

Accounting is done with two methods as follows:

Cash Basis accounting: Under the cash basis accounting all the cash receipts for the period are considered as revenue and all the cash payments for the period are considered as expenses and net income us calculated.

Accrual Basis accounting: Under the accrual basis, the revenue and expenses are recorded accreting to their accrual for the given period and cash receipts and payments are not considered to decide their accrual. The net income is calculated using the accrued revenue and accrued expenses belonging to the particular period.

To Calculate:

The net income under and Cash basis and Accrual basis of accounting.

Explanation

The net income under and Cash basis and Accrual basis of accounting is calculated as follows:

    Lauhl Corporation
    Net Income
    #Cash Basis Accrual Basis
    a $ 24,000 $ 4,000

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Ch-3 P-1DQCh-3 P-2DQCh-3 P-3DQCh-3 P-4DQCh-3 P-5DQCh-3 P-6DQCh-3 P-7DQCh-3 P-8DQCh-3 P-9DQCh-3 P-10DQ
Ch-3 P-11DQCh-3 P-12DQCh-3 P-13DQCh-3 P-14DQCh-3 P-15DQCh-3 P-16DQCh-3 P-17DQCh-3 P-18DQCh-3 P-19DQCh-3 P-20DQCh-3 P-1MCQCh-3 P-2MCQCh-3 P-3MCQCh-3 P-4MCQCh-3 P-5MCQCh-3 P-6MCQCh-3 P-7MCQCh-3 P-8MCQCh-3 P-9MCQCh-3 P-10MCQCh-3 P-11MCQCh-3 P-12CECh-3 P-13CECh-3 P-14CECh-3 P-15CECh-3 P-16CECh-3 P-17CECh-3 P-18CECh-3 P-19CECh-3 P-20CECh-3 P-21CECh-3 P-22CECh-3 P-23CECh-3 P-24CECh-3 P-25CECh-3 P-26CECh-3 P-27CECh-3 P-28BECh-3 P-29BECh-3 P-30BECh-3 P-31BECh-3 P-32BECh-3 P-33BECh-3 P-34BECh-3 P-35BECh-3 P-36BECh-3 P-37BECh-3 P-38ECh-3 P-39ECh-3 P-40ECh-3 P-41ECh-3 P-42ECh-3 P-43ECh-3 P-44ECh-3 P-45ECh-3 P-46ECh-3 P-47ECh-3 P-48ECh-3 P-49ECh-3 P-50ECh-3 P-51ECh-3 P-52ECh-3 P-53ECh-3 P-54ECh-3 P-55ECh-3 P-56ECh-3 P-57ECh-3 P-58ECh-3 P-59ECh-3 P-60ECh-3 P-61ECh-3 P-62APSACh-3 P-63APSACh-3 P-64APSACh-3 P-65APSACh-3 P-66APSACh-3 P-67APSACh-3 P-68APSACh-3 P-69APSACh-3 P-70APSACh-3 P-71APSACh-3 P-62BPSBCh-3 P-63BPSBCh-3 P-64BPSBCh-3 P-65BPSBCh-3 P-66BPSBCh-3 P-67BPSBCh-3 P-68BPSBCh-3 P-69BPSBCh-3 P-70BPSBCh-3 P-71BPSBCh-3 P-72CCh-3 P-73.1CCh-3 P-73.2CCh-3 P-73.3CCh-3 P-74.1CCh-3 P-74.2CCh-3 P-75CCh-3 P-76CCh-3 P-77.1CCh-3 P-77.2CCh-3 P-78.1CCh-3 P-78.2CCh-3 P-78.3CCh-3 P-79.1CCh-3 P-79.2CCh-3 P-79.3CCh-3 P-79.4CCh-3 P-79.5CCh-3 P-80.1CCh-3 P-80.2CCh-3 P-80.3CCh-3 P-80.4CCh-3 P-81.1CCh-3 P-81.2CCh-3 P-81.3CCh-3 P-81.4CCh-3 P-81.5CCh-3 P-81.6CCh-3 P-81.7C

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