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In its first year of operations, Pharoah Company recognized $31,800 in service revenue, $6,400 of which was on account and still outstanding at year-end. The remaining $25,400 was received in cash from customers.
The company incurred operating expenses of $16,600. Of these expenses, $12,730 were paid in cash; $3,870 was still owed on account at year-end. In addition, Pharoah prepaid $2,390 for insurance coverage that would not be used until the second year of operations.
Problem 1: 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.
Statement in which each item on the most recent statement is compared with the same item on an earlier statement are: Horizontal statement percentage statement common size statement vertical statement.
A company has established the following annual budgets:- Calculate the total cost of the job and the profit as a percentage of costs if the selling price is £500.
Assuming that $215000 will be distributed as a dividend in the current year, Determine how much will the common stockholders receive?
On July 1, the cash account balance was $37,450. During July, cash payments totaled $115,860 and the July 31 balance was $29,600. Determine the cash receipts during July.
The firm paid $44,640 in advance and debited the amount to Prepaid Advertising. Prepare end-of-month adjusting entries for each of the above situations.
When preparing the balance sheet for AAA, Inc. for December 31,2015 which item would not be classified as a current liability?
Journalize any adjusting entries in the General Journal and post to the General Ledger. Show your calculations for the adjustments in the Adjustments tab.
Evaluate Kat's bank reconciliation. What adjustments, if any, does she require to make in her checkbook?
If CVB has issued 220,000 shares, what is CVB's earnings per share (EPS)? Weighted average number of outstanding common shares
On July 1, 2014, Ellsbury Inc. entered into a contract to deliver one of its specialty machines to Kickapoo Landscaping Co. The contract requires Kickapoo to pay the contract price of $2,500 in advance on July 15, 2014. Prepare the journal entry on J..
Tim has AGI of $92,000 during the year and the following expenses related to his employment. Tim is reimbursed $13,000 under his employer’s accountable plan. Illustrate what are his deductions for and from AGI?
what are costcos various sources of revenue?does costco sell only a certain type of product or do they sell many
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