Bramble Corp. had the following transactions during 2017: -Sales of $8820 on account. -Collected $3920 for services to be performed in 2018. -Paid $3680 cash in salaries for 2017. -Purchased airline tickets for $490 in December for a trip to take place in 2018. What is Bramble's 2017 net income using accrual accounting? a. $5630 b. $5140 c. $9550 d. $9060
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- General AccountingBramble Corp. had the following transactions during 2017: -Sales of $8820 on account. -Collected $3920 for services to be performed in 2018. -Paid $3680 cash in salaries for 2017. -Purchased airline tickets for $490 in December for a trip to take place in 2018. What is Bramble's 2017 net income using accrual accounting?Metlock, Inc. had the following transactions during 2016.• Sales of $8100 on account• Collected $3600 for services to be performed in 2017• Paid $2390 cash in salaries• Purchased airline tickets for $450 in December for a trip to take place in 2017What is Metlock's 2016 net income using cash basis accounting? a.) $1210 b.) $9310 c.) $760 d.) $8860
- Bold Company’s 2016 income statement reported total credit revenue of $250,000. Bold’s accounts receivable balance on January 1, 2016 was $30,000, and its December 31, 2016 accounts receivable balance was $10,000. Bold’s accounts payable balance on January 1, 2016 was $25,000, and its December 31, 2016 accounts payable balance was $35,000. How much did Bold collect from customers during 2016?Choose the correct answer and pls provide the formula A Company’s net accounts receivable were P250,000 as of December 31, 2018, and P300,000 as of December 31, 2019. Net cash sales for 2019 were P100,000. The accounts receivable turnover for 2019 was 5.0. What were the Company’s total net sales for 2019? *a. P1,175,000.00b. P1,275,000.00c. P1,375,000.00d. P1,475,000.00e. P1,575,000.0011. Toole Company had the following transactions during 2016: Sales of $4,200 on account Collected $2,500 for services to be performed in 2017 Paid $1,580 cash in salaries Purchased airline tickets for $350 in December for a trip to take place in 2017 · ● . What is Toole's 2016 net income using accrual accounting? a. $2,370. b. $2,620. c. $4,770. d. $5,120.
- -What is XYZ's current ratio on December 31, 2021? -What is XYZ's Accounts Receivables Turnover for 2021? (assume Accounts Receivable, net was $500,000 on December 31, 2020) -What is XYZ's Asset Turnover for 2021? (assume total assets were $14 million on December 31, 2020) Account Balance Data Debit Credit Cash 217,650 Accounts Receivable 545,000 Interest Receivable 1,200 Allowance for Doubtful Accounts 8,450 Merchandise Inventory 778,000 Prepaid Insurance 30,000 Notes Receivable Land 2,000,000 Office Building 4,000,000 Office Equipment 320,000 Store Building 9,000,000 Store Equipment 3,560,000 Accumulated Depreciation - office building and equipment 1,580,000 Accumulated Depreciation - store building and equipment 4,126,000 Goodwill 700,000Planton Company had sales of £480,000 during 2019, all on account. Accounts receivable for the year grew from £100,000 on January 1 to £220,000 on December 31. Expenses for the year were £340,000, all paid in cash.” Compute Planton’s net income on the cash basis of accounting. Compute Planton’s net income on the accrual basis of accounting.3 Which basis gives a better measure of Planton’s performance for 2019? Why? Also Please show workingsProvide answer
- Use the following Information to answer this question. Windswept, Inc. 2017 Income Statement ($ in millions) Net sales $8,600 Cost of goods sold 7,250 Depreciation 340 Earnings before interest and taxes $1,010 Interest paid 85 Taxable income $ 925 Таxes 324 Net income $ 601 Windswept, Inc. 2016 and 2017 Balance Sheets ($ in millions) 2016 2017 2016 2017 Cash $ 130 $ 120 Accounts payable $1,150 $1,192 Accounts rec. 900 720 Long-term debt 1,010 1,243 1,545 Common stock $2,530 $2,385 Retained earnings Inventory 1,500 3,190 2,890 Total 450 700 Net fixed assets 3,270 3,640 Total assets $5,800 $6,025 Total liab. & equity $5,800 $6,025Winter Company earned revenues of $340,000 in cash and $425,000 on account during 2020. Of the $425,000 on account, $140,000 was collected in cash in 2020 and the rest in 2021. The company incurred expenses of $240,000 in 2020 and made payments of $120,000 towards the expenses in 2020. What is net income in 2020 under accrual accounting?DURING 2009 VALLEY SALES, INC., EARNED REVENUES OF $500,000 ON ACCOUNT. VALLEY COLLECTED $510,000 FROM CUSTOMERS DURING THE YEAR. EXPENSES TOTALED $420,000, AND THE RELATED CASH PAYMENTS WERE $400,000. SHOW WHAT VALLEY WOULD REPORT ON ITS 2009 INCOME STATEMENT UNDER THE: A. CASH BASIS. B. ACCRUAL BASIS. COMPUTE NET INCOME UNDER BOTH BASES OF ACCOUNTING. WHICH BASIS MEASURES NET INCOME BETTER?