Consider the following set of transactions occurring during the month of May for Bison Consulting Company. For each transaction, indicate the impact on (1) the balance of cash, (2) cash-basis net income, and (3) accrual-basis net income for May. The first answer is provided as an example. Impact on:
(a) Receive $1,500 from customers whowere billed for services in April.
(b) Provide $3,200 of consulting servicesto a local business. Payment is notexpected until June.
(c) Purchase office supplies for $400 onaccount. All supplies are used by theend of May.
(d) Pay $600 to workers. $400 is for work inMay and $200 is for work in April.
(e) Pay $200 to advertise in a localnewspaper in May. Totals
Cash Balance+$1,500Cash-Basis Net Income+$1,500Accrual-Basis Net Income$0
Answers: 2
Business, 22.06.2019 14:20
For the year ended december 31, a company has revenues of $323,000 and expenses of $199,000. the company paid $52,400 in dividends during the year. the balance in the retained earnings account before closing is $87,000. which of the following entries would be used to close the dividends account?
Answers: 3
Business, 22.06.2019 22:30
Ski powder resort ends its fiscal year on april 30. the business adjusts its accounts monthly, but closes them only at year-end (april 30). the resort's busy season is from december 1 through march 31. adrian pride, the resort's chief financial officer, the museums a close watch on lift ticket revenue and cash. the balances of these accounts at the end of each of the last five months are as follows:
Answers: 3
Business, 22.06.2019 23:30
An outside supplier has offered to sell talbot similar wheels for $1.25 per wheel. if the wheels are purchased from the outside supplier, $15,000 of annual fixed overhead could be avoided and the facilities now being used could be rented to another company for $45,000 per year. direct labor is a variable cost. if talbot chooses to buy the wheel from the outside supplier, then annual net operating income would:
Answers: 1
Consider the following set of transactions occurring during the month of May for Bison Consulting Co...
Mathematics, 21.11.2020 06:40
Chemistry, 21.11.2020 06:40
Spanish, 21.11.2020 06:40
History, 21.11.2020 06:40
History, 21.11.2020 06:40
Mathematics, 21.11.2020 06:40
Computers and Technology, 21.11.2020 06:40
Mathematics, 21.11.2020 06:40
Physics, 21.11.2020 06:40
History, 21.11.2020 06:40