Business, 25.02.2020 18:07 andrew5632

Clark Bell started a personal financial planning business when he accepted $65,000 cash as advance payment for managing the financial assets of a large estate. Bell agreed to manage the estate for a one-year period beginning June 1, 2018.

Required

a. Show the effects of the advance payment and revenue recognition on the 2018 financial statements using a horizontal statements model like the following one. In the Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, and NC for net change in cash. Use NA if the account is not affected.

b. How much revenue would Bell recognize on the 2019 income statement?

c. What is the amount of cash flow from operating activities in 2019?

Answers: 2

Show answers

Another question on Business

Business, 21.06.2019 21:30

Afreezer manufacturer might purchase sheets of steel, wiring, shelving, and so forth, as part of its final product. this is an example of what sub-classification of business market?

Answers: 1

Answer

Business, 22.06.2019 19:40

The following cost and inventory data are taken from the accounting records of mason company for the year just completed: costs incurred: direct labor cost $ 90,000 purchases of raw materials $ 134,000 manufacturing overhead $ 205,000 advertising expense $ 45,000 sales salaries $ 101,000 depreciation, office equipment $ 225,000 beginning of the year end of the year inventories: raw materials $ 8,100 $ 10,300 work in process $ 5,900 $ 21,000 finished goods $ 77,000 $ 25,800 required: 1. prepare a schedule of cost of goods manufactured. 2. prepare the cost of goods sold section of mason company’s income statement for the year.

Answers: 3

Answer

Business, 22.06.2019 20:20

Digitalhealth electronics inc. is a company that builds diagnostic devices. it was the first company to develop a compact mri scanner by reconfiguring the components of the mri technology. this smaller and user-friendly version of the huge mri scanner created demand from small hospitals, nursing homes, and private practice doctors who were earlier dependent on the scanning machines in large hospitals. which of the following types of innovations does this scenario best illustrate? a. disruptive innovation b. incremental innovation c. radical innovation d. architectural innovation

Answers: 3

Answer

Business, 23.06.2019 07:40

Donald has created a trust for the benefit of his three nephews, huey, dewey, and louie, who are all minors. donald plans on making annual contributions to the trust. donald would like his annual contributions to the trust to qualify for the annual exclusion. what would be the best way to accomplish this goal? a)

Answers: 3

Answer

You know the right answer?

Clark Bell started a personal financial planning business when he accepted $65,000 cash as advance p...

Questions