How much net income does guay report

Assignment Help Accounting Basics
Reference no: EM132099349

Question - Guay Corp., a start-up company, provided services that were acceptable to its customers and billed those customers for $380,000 in 2012. However, Guay collected only $280,000 cash in 2012, and the remaining $100,000 of 2012 revenues were collected in 2013. Guay employees earned $200,000 in 2012 wages that were not paid until the first week of 2013. How much net income does Guay report for 2012?

Reference no: EM132099349

Questions Cloud

Calculate the increase or decrease in net operating income : Variable expenses - $51 per unit, 68% percent of sales. Calculate the increase or decrease in net operating income
Explain the computation for each of the given : Explain the computation for each of the following, and compute each for Apix and two other companies in the same industry as Apix Printing.
How much money does sharon need now to fund her travels : Sharon wants to take the next five years off work to travel around the world. How much money does Sharon need now to fund her travels
Determine the required return for our intended project : "We will need to determine the required return for our intended project so that we have a decision criteria defined for the project," she says.
How much net income does guay report : Guay collected only $280,000 cash in 2012, and the remaining $100,000 of 2012 revenues were collected in 2013. How much net income does Guay report for 2012
Discuss risk methodologies used in capital budgeting : Apix is considering coffee packaging as an additional diversification to its product line. Here's information regarding the coffee packaging project.
Compute the break-even point in unit sales : Variable expenses are $32 per stove, and fixed expenses associated with the stove total $108,000 per month. Compute the break-even point in unit sales
What is the maximum acceptable price : Costs $290,000 and offers seven annual net cash inflows of $57,000. What is the maximum acceptable price to pay for each project
Define what are the ethical considerations in the given case : Effective financial reporting depends on sound ethical behavior. Financial scandals in accounting and the businesses world have resulted in legislation.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Explain the accounting principles and standards

Provide a substantial written response of 250-300 words addressing following topic while providing at a minimum 2 scholarly/govt references.

  The following information is available for the abc company

the following information is available for abc company for the first month of the year.

  Compute the annual depreciation that would have been charged

Using the straight-line method, compute the annual depreciation that would have been charged from 1986 through 1995

  Find the total raw materials variance

The budgeted amount of material usage for the year was computed as follows. The raw material price variance for the year was

  In this mini-case you will read about a willis and adams

in this mini-case you will read about a willis and adams staff auditor who is confronted with an ethical challenge. you

  Should the company sell the units as scrap or rework them

A company must decide between scrapping or reworking units that do not pass inspection. The company has 15,000 defective units that cost $6 per unit.

  Determine the ending balance in each of the accounts

On January 31, it is determined that $2,500 of the services fees have been earned and that there are $800 of supplies on hand.

  Prepare a schedule showing the amortised cost of the bonds

HancockLtd buys ten $100 000 10% Treasury bonds on 1 January 2017. Prepare a schedule showing the amortised cost of the bonds over the five year term

  Determine the adjusted book value method

Group these valuation approaches into asset-based, income approach, and market approach types: Adjusted book value method.

  Determine the overhead rate for each cost pool

Determine the overhead rate for each cost pool, using the most appropriate allocation base for each pool. (Use each allocation base only once.)

  Show the relevant accounts ignoring brokerage and interest

A company's Debenture Redemption Account shows a balance of £19,000 represented by £20,000 (nominal) invested in securities.

  What is the employer payroll tax expense

Social security tax rate, 6% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings; state unemployment compensation tax, 3.4% on the first $7,000; federal unemployment compensation tax, .8% on the first $7,000. What is the employer's..

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