User Account

All Pages

Compute the prepayments of expenses

Assignment Help Accounting Basics
Reference no: EM132605701

Sheridan Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Sheridan Corp. requests you as its independent CPA to convert its cash-basis income statement data to the accrual basis. You are provided with the following summarized data covering 2019, 2020, and 2021.

                                                             2019                 2020                  2021

Cash receipts from sales:

On 2019 sales                             $292,020            $163,350      $27,460

On 2020 sales                                 -0-                  385,180          96,310

On 2021 sales                                                                           373,280

Cash payments for expenses:

On 2019 expenses                             181,360                  65,930      26,670

On 2020 expenses                            40,760                      a 168,870  52,050

On 2021 expenses                           49,420                      b 220,490

Question a Prepayments of 2020 expenses.

Question b Prepayments of 2021 expenses.

Reference no: EM132605701

Questions Cloud

Complete the worksheet by extending amounts reported : Complete the worksheet by extending amounts reported in the adjusted trial balance to the appropriate columns in the worksheet.
BSBPMG508A Manage Project Risk Assignment : BSBPMG508A Manage Project Risk Assignment Help and Solution, Oceania Polytechnic Institute of Education - Assessment Writing Service
Prepare the adjusting entry for each in general journal form : Prepare the following in general journal form. (Credit account titles are automatically indented when amount is entered. Do not indent manually)
Women in labor act : Select an individual healthcare related right such as EMTALA, Women in Labor Act, Roe v. Wade, access to health insurance (the ACA),
Compute the prepayments of expenses : Compute the Prepayments of 2021 expenses. Sheridan Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term
Describe roles that hospitals functional areas will play : A hospital located in the downtown area of a large city has decided to open satellite outpatient clinics in suburbs of the city, one within a year from now.
How do different interests lead to conflict : How do different interests lead to conflict? How does one's behavior influence the escalation or minimization of conflict?
What are different types of goals in conflict : What are the different types of goals in conflict? How do they overlap and influence each other?
Changing nature of work say people : Many job design experts who have studied the changing nature of work say people do their best work when they're motivated

Reviews

Write a Review

Accounting Basics Questions & Answers

  The following information was taken from the ledger of

the following information was taken from the ledger of jefferson industries inc.direct labor85000administrative

  Where you have worked or have firsthand knowledge

Where you have worked or have firsthand knowledge? Would this be different if the business had a less desirable and less expensive inventory?

  Calculate the amount lyle would withdraw

Question - Simple and Compound Interest Computations. Compute the amount Lyle would withdraw assuming the investment earns interest compounded annually

  Prepare all necessary journal entries

On June 15, Seles declared and paid a cash dividend of $36,000. Prepare all necessary journal entries in 2014 for both situations

  Compare the total of the schedule with the balance

Selected entries from the sales, cash receipts, and general journals for Healthy Nutrition are given in the Working Papers.

  Prepare the current assets section of aramis company

Prepare the current assets section of Aramis Company's December 31, 2012, balance sheet, with appropriate disclosures

  In chapter 16 we learned that companies under the cost

the historical cost principle states that assets should be recorded at the cost of the consideration given at the time

  Calculate gilbert gross profit percentage

Gilbert Inc. generated sales revenues of $1,000,000 in the year 2015. Its cost of goods sold amounted to $400,000. Calculate Gilbert's gross profit percentage

  A new truck was ordered for the sanitation department at a

a new truck was ordered for the sanitation department at a cost of 122200 on september 3 2011.requiredprepare the

  Using book value method-record the conversion

Using the book value method, record the conversion of $9 million of bonds into common stock with a $10 par value if the conversion occurred when the market price of the common was $24 per share, and total convertible debt outstanding amounted to $..

  Investment x offers to pay you 5500 per year for eight

investment x offers to pay you 5500 per year for eight years whereas investment y offers to pay you 7600 per year for

  What is the payback time

Comparison of Capital-Budgeting Techniques The City of Industry parks department is considering the purchase of a new, more efficient pool heater.

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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