User Account

All Pages

What is net income year one cash basis

Assignment Help Financial Accounting
Reference no: EM132653220

You start a taxi firm and buy a car to use as a taxi for $32,000. Dealer tells you that in commercial use you can expect the vehicle to last 4 years and then fall into a hundred pieces.

  • We will forget all the other costs of running a business ( and a car) and assume car purchase is the only cost
  • You start a website and customers start calling

Fares collected in each of the first four years were:

Year 1 = $10,000
Year 2 = $20,000
Year 3 = $40,000
Year 4 = $50,000

Problem 1: What is net income Year 1 cash basis?

Reference no: EM132653220

Questions Cloud

Democratic platform on the issue of abortion : For the 2010 Texas state political party platforms, do you support the Republican or Democratic platform on the issue of abortion?
How much of the gain is allocated to peter : Two years after the change in the profit and loss ratios, the land is sold for P450,000. How much of the gain is allocated to Peter?
Describe writing task : Describe one writing task that you believe you need to work on based on your experience writing the Practice Essay.
What would accumulate to at the end of five years : What would accumulate to at the end of 5 years if it was invested at a rate of compound discount, d(4), that is equal to i(2) (not equivalent to, but equal)
What is net income year one cash basis : What is net income Year 1 cash basis? Dealer tells you that in commercial use you can expect the vehicle to last 4 years and then fall into a hundred pieces.
Is true or false when an organisation recognises provision : When an organisation recognises a provision and related expense for annual leave, and a provision for long-service. Is this true or false? Why?
How to explain areas where financial accounting is regulated : Explain the areas where financial accounting is regulated? Why is managerial accounting not regulated? Discuss in detail and provide the example
Disadvantages of a hierarchical organizational design : What are the advantages and disadvantages of a hierarchical organizational design in the context of the Johns Hopkins Hospital Case.
How difference between fair value assets and book value : How to recognize the difference between fair value assets and book value assets when you first adopt the financial statements to become IFRS based?

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!

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