About the cash basis and the accrual basis

Assignment Help Financial Accounting

Reference no: EM13864931

Given the following transaction, what Profit (income) would be reported (a) on the Cash basis and (b) on the Accrual basis?

- Credit sales to customers totaled $36,000.

- Cash sales totaled $105,000.

- Cash collections on account from customers totaled $33,000.

- Cost of goods sold expense during the period was $79,000.

- Payments made to supplies of inventory totaled $75,000.

- Wages of $23,000 were paid during the year. In addition, wages of $1,000 remained unpaid at year end.

Reference no: EM13864931

Questions Cloud

What is the story''s central conflict : What is the story's central conflict? Who is the protagonist? What does he or she want? What is at stake for the protagonist in the conflict? What stands in the way of the protagonist's easily achieving his or her goal?

A great deal of critical thinking and evaluation : As you learned from Greene and Lidinsky's chapter, writing a summary involves a great deal of critical thinking and evaluation on the part of the writer. You must identify the author's thesis (what Greene and Lidinsky call "the gist"), uncover how th..

Transactions using the basic accounting equation : Analyze the effect of the following transactions using the basic Accounting Equation showing your response in the template/ table below: On January 1, 2014, the company purchased land and a building from another company in exchange for $50,000 in cas..

Select any piece we''ve read and modernize it : Develop a project of 750 to 1000 words minimum/maximum (or the equivalent) with an introduction, body, and conclusion. Select any piece we've read and modernize it for a new generation. (Beowulf)

About the cash basis and the accrual basis : Given the following transaction, what Profit (income) would be reported (a) on the Cash basis and (b) on the Accrual basis?

Natural forces or elements of the natural world : Natural forces or elements of the natural world

A memorable day of my life : Frank, this is a good story and promising narrative. The central event is clear and the story tells us what happened and how it was resolved. Two areas for revision. What is the main message? The story should illustrate a larger point. What did you l..

Create pollution should report the social cost of pollution : Some theorists contend that companies that create pollution should report the social cost of the pollution in their income statements. Assume you are on the FASB, and you are considering a standard to include the social costs of pollution in the inco..

Central it facilities of the organisation : Consider a large organisation with 3 large office buildings A, B, C. Building A is the building where all central IT facilities of the organisation (PABX, VoIP server, Intranet server) are located. Buildings are connected with each other and with ..

User Account

All Pages