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Conan Industries collected $108,924 from customers in 2010. Of the amount collected, $27,295 was from revenue earned on account in 2009. In addition, Conan earned $39,092 of revenue in 2010, which will not be collected until 2011.
Conan Industries also paid $71,411 for expenses in 2010. Of the amount paid, $33,331 was for expenses incurred on account in 2009. In addition, Conan incurred $42,259 of expenses in 2010, which will not be paid until 2011.
Instructions
(a) Compute 2010 cash-basis net income.
(b) Compute 2010 accrual-basis net income.
Tax cash flows represent taxable income in the year received, compute the NPV of the cash flows.
Moran corporation has these accounts at December 31:common stock,$12 par, 5150 shares issued,$61,800;paid in,capital in excess of par value $20,100, retained earning $42,360, and treasury stock-common, 510 share,$12,240. Prepare the stock holders ..
Yale requires a modification of the design that will allow a $4 reduction in direct-material cost.
How would I calculate an annuity contract that pays $800 per month. The annuity cost $60,000 and it has an expected return of $100,000. How much of each monthly annuity payment is includible in a gross income?
Discovery Barn, a not-for-profit science center for children, received a contribution for $30,000 explicitly designated for the acquistion of computers. Prepare all required journal entries, being certain to indicate the type of fund in which each ..
PIAB Enterprises has identified the following as having an impact on the company's quality costs:
Gentry Company produces speaker systems for trucks. Estimated sales (in units) in January are 20,000; in February 25,000; and in March 22,000. Each unit is priced at $45. Gentry wants to have 25% of the following month's sales in ending inventory.
Calculate the amount of additional investment that the stockholders made during 2011. Assuming that the corporation declared and paid $10,000 in dividends during 2011, calcuate the amount of net income earned by the corporation during 2011.
Suppose that nominal output rises from $12.5 trillion in 2005 to $13 trillion in 2006. Assume also that the GDP deflator rises from 100 to 105.
Mathew Murphy, single, sold his home that he had owned for 20 years for $670,000. He purchased it for $110,000 and made $40,000 of capital improvements on the home during his time of ownership. a) How much gain is excluded? How much is recognized?
On March 15, 2010, Frankel Construction contracted to build a shopping center at a contract price of $120 million.
Determine the amount of cash received and prepare the journal entries for (a) the Jan. 1 issuance and (b) the Dec. 31 recognition of interest.
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