Compute service revenue and operating expenses

Assignment Help Accounting Basics
Reference no: EM131974073

Problem

Sarasota Company had cash receipts from customers in 2017 of $163,750. Cash payments for operating expenses were $79,420. Sarasota has determined that at January 1, accounts receivable was $11,900, and prepaid expenses were $18,820. At December 31, accounts receivable was $15,370, and prepaid expenses were $24,750. Compute (a) service revenue and (b) operating expenses.

Reference no: EM131974073

Questions Cloud

Prepare the journal entry for the collection of rent : Prepare the entries required on December 31 to record payroll. Prepare the journal entry for the collection of rent on December 10.
What is the answer of question two : What is the answer of question two? How to explain the paradox of thrift?
Prepare an income statement for the current month : Sanyu Sony started a new business and completed these transactions during December. Prepare an income statement for the current month.
Can the economy operate at point n : Can the economy operate at point N? Explain why or why not. Can the economy operate at point I? Explain why or why not.
Compute service revenue and operating expenses : Sarasota Company had cash receipts from customers in 2017 of $163,750. Cash payments for operating expenses. Compute service revenue and operating expenses.
Concepts of efficiency and equity to support : What do economists mean by the acronym TANSTAAFL. How would this concept apply to the policy of giving everyone "free" college tuition?
Calculate sarahs basis in the new farm building : Sarah's farm building, which was used in her business. Assuming the proper election is made to defer gain, calculate Sarah's basis in the new farm building.
Estimate vars with ols : Can you estimate VARs with OLS or do you need to use system estimator?
Prepare entries that the buyer should record for purchase : Santa Fe Company purchased merchandise for resale from Mesa Company. Prepare entries that the buyer should record for (a) the purchase and (b) the cash payment.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Expenses qualify for a medical deduction

Twilight has medical staff in residence. Disregarding the 7.5% floor, how much, if any, of these expenses qualify for a medical deduction by Sandra?

  Compute the depreciation expense

Compute the depreciation expense under the following methods for the year indicated - Straight-line for 2010

  Machining costs are assigned to products using

capizzi corporation has an activity-based costing system with three activity cost pools-machining order filling and

  Compute the earnings per share for Limited Brands

The following information (in millions of dollars) is available for Limited Brands for a recent year: sales revenue $9,043, net income $220.

  What was the earnings per share

For 2014, CAP Corporation reported net income of $96,000; net sales $1,440,000; What was the 2014 earnings per share

  Would you agree with xyzs decision

The XYZ Company billing department has decided to assign one employee to each of its customers. This employee will be responsible for granting credit to the client and then handling the billing.

  Write a job letter on accountant assistant

Job Reference Letter, Job Title: Accountant assistant • Processed incoming payments and update to system • Verify accounts payable and receivable function.

  Actual activity for the period was higher than anticipated

Bunnie's Bakery anticipated making 17,000 fancy cakes during a recent period, requiring 14,000 hours of process time. Each hour of process time was expected to cost the firm $11. Actual activity for the period was higher than anticipated: 18,00..

  Aan corporation wholesales repair products to equipment

aan corporation wholesales repair products to equipment manufacturers. on april 1 2012 daan corporation issued 8400000

  Managerial accounting-activity-based costing

Find a journal article online about just-in-time inventory systems. In the subject line of your post, include the title of the article that you read.

  Explain how the interest expense shown in the income

from the balance sheetcash.............................................................30000 accounts

  Dimitry chernitsky is seeking part-time employment while he

dimitry chernitsky is seeking part-time employment while he attends school. he is considering purchasing technical

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd