Find the cash-basis net income

Assignment Help Financial Accounting
Reference no: EM133002456

Reliable Corporation provides computer consulting services to the local community and keeps its accounting records using cash-basis accounting. For the current year, cash was received from customers, $30,000, and cash salaries to employees were paid, $20,000. At the beginning of the year, customers owe Reliable $1,200. By the end of the year, customers owe $4,000. At the beginning of the year, Reliable owes employee salaries of $3,000. At the end of the year, Reliable owes employee salaries of $2,000.

Problem 1: Find the Cash-basis net income:

Problem 2: Find the Accural-basis net income:

Reference no: EM133002456

Questions Cloud

What is the tax code : What is the tax code? Jeff and Annette have two dependent children. Their wages were very low this year because Jeff was unemployed
Explain incidents effect on the project in terms of budget : What does Management Theory have to say about such an occurrence and How can you learn from this experience - Explain the incidents effect on the project
What is the asset book value for a company : What is the asset's book value? A company has a fixed asset with an historical cost of $120,000, Accumulated Depreciation of $83,000, and a salvage value.
How much of this asset can still be depreciated : How much of this asset can still be depreciated? A company has a fixed asset with an historical cost of $120,000, Accumulated Depreciation of $83,000.
Find the cash-basis net income : Find the Cash-basis net income. Reliable Corporation provides computer consulting services to the local community and keeps its accounting records
How much is the revaluation surplus transferred : Black Corp. revalued its land to fair value on Jan. 1, 2021.For year-ending Dec. 31, 2021, how much is the revaluation surplus transferred to retained earnings?
How much gain should be recorded : In profit or loss, how much gain should be recorded? The production equipment had been accounted for using the revaluation approach.
Appropriate corrective action plan for a policy : What would be an appropriate corrective action plan for a policy that is missing in a company
Find marginal corporate tax rate : A $1,000 par value bond with a market price of $985 and a coupon interest rate of 12 percent. Flotation costs for a new issue would be approximately 6 percent o

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

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