Nits first year of operations, pharoah company recognized $31,000 in service revenue, $6,900 of which was on account and still outstanding at year-end. the remaining $24,100 was received in cash from customers. the company incurred operating expenses of $16,900. of these expenses, $13,770 were paid in cash; $3,130 was still owed on account at year-end. in addition, pharoah prepaid $3,200 for insurance coverage that would not be used until the second year of operations.(a) calculate the first year's net earnings under the cash basis of accounting, and the first year's net earnings under the accrual basis of accounting.

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Georgia's gross pay was 35,600 this year she is to pay a federal income tax of 16% how much should georgia pay in federal income ax this year

P11.2a (lo 2, 4) fechter corporation had the following stockholders’ equity accounts on january 1, 2020: common stock ($5 par) $500,000, paid-in capital in excess of par—common stock $200,000, and retained earnings $100,000. in 2020, the company had the following treasury stock transactions. journalize and post treasury stock transactions, and prepare stockholders’ equity section. mar. 1 purchased 5,000 shares at $8 per share. june 1 sold 1,000 shares at $12 per share. sept. 1 sold 2,000 shares at $10 per share. dec. 1 sold 1,000 shares at $7 per share. fechter corporation uses the cost method of accounting for treasury stock. in 2020, the company reported net income of $30,000. instructions a. journalize the treasury stock transactions, and prepare the closing entry at december 31, 2020, for net income. b. open accounts for (1) paid-in capital from treasury stock, (2) treasury stock, and (3) retained earnings. (post to t-accounts.) c. prepare the stockholders’ equity section for fechter corporation at december 31, 2020.