Bramble Corp. had the following transactions during2017:-Sales of $8820 on account.-Collected $3920 for services to be performed in2018.-Paid $3680 cash in salaries for 2017.-Purchased airline tickets for $490 in December for atrip to take place in 2018.What is Bramble's 2017 net income using accrualaccounting?

Explanation of Sales on Account:Sales on Account, also known as credit sales, refer to revenue…

Answered: Bramble Corp. had the following…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Barga Co. reported net sales for 2016 and 2017 of $665,000 and $742,000, respectively. Its year-end balances of accounts receivable follow: December 31, 2016, $63,000; and December 31, 2017, $89,000. a. Complete the below table to calculate the days' sales uncollected at the end of each year. (Round your "Days' Sales Uncollected" answer to 1 decimal place.) ok Days' Sales Uncollected Choose Numerator: Choose Denominator: Days Days' Sales Uncollected %3D Days' sales uncollected 2016: days %3D 2017: days %3D ces < Prev 4 of 4 Next
During 2018, Evensen Network, Inc., which designs network servers, earned revenues of $900 million. Expenses totaled $580 million. Evensen collected all but $29 million of the revenues and paid $590 million on its expenses. Read the requirements LOADING... . Requirement a. Under accrual accounting, what amount of revenue should Evensen report for 2018? How does the revenue principle help to answer this question? The amount of revenue that should be reported for the year is $ 900 million. How does the revenue principle help to answer this question? The revenue principle says to record revenue when it has been (collected, earned, recorded), regardless of when (cash is collected, revenue is earned, sold inventory is delivered).Therefore, the amount of revenue reported is what Evensen (collected, earned ,paid). ()= blank. inside are the word choices
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?
During 2021, Blossom Inc. has the following account balances in Income Statement: Sales 1,630,245 Cost of Sales 646,788 Selling Expense 235,500 Administrative Expense 114,766 Other Expense 57,146 Income Tax Expense 200,400 Other Revenue 65,800 What will be the Net income?
During 2022, a company makes credit sales of $500, of which $375 is collected at year-end. It pays $200 in expenses and owes $25 for electricity used during 2022. What would the profit be if cash accounting rather than accrual accounting was used? type the number
Mr. Husker’s Tuxedos Corp. ended the year 2015 with an average collection period of 32 days. The firm’s total sales for 2015 were $56.1 million. What is the year-end 2015 balance in accounts receivable for Mr. Husker’s Tuxedos?
Utica Company's net accounts receivable was $250,000 at December 31, 2016, and $300,000 at December 31, 2017. Net cash sales for 2017 were $100,000. The accounts receivable turnover for 2017 was 5.0, What was Utica's total net sales for 2017?
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Judon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues $ 546,190 Cost of revenues $ 340,275 Inventories as of 31 January 2022 $44,064 Inventories as of 31 January 2021 $41,020 Accounts payable as at 31 January 2022 $58,600 Accounts payable as at 31 January 2021 $51,800 Accounts receivable as at 31 January 2022 $7,482 Accounts receivable as at 31 January 2021 $5,434 Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing? 8. Using the information provided, compute the change in operating working captial
Judon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues $ 546,190 Cost of revenues $ 340,275 Inventories as of 31 January 2022 $44,064 Inventories as of 31 January 2021 $41,020 Accounts payable as at 31 January 2022 $58,600 Accounts payable as at 31 January 2021 $51,800 Accounts receivable as at 31 January 2022 $7,482 Accounts receivable as at 31 January 2021 $5,434 Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing?
The following items and amounts were taken from Blossom Company's 2017 income statement and balance sheet. $ 88,000 Cash Retained earnings 122,500 Cost of goods sold 436,300 Salaries and wages expense 117,000 Prepaid insurance 8,100 Inventory 64,300 Accounts receivable 90,500 Sales revenue 581,700 Notes payable 6,300 Accounts payable 55,500 Service revenue 5,500 Interest expense 1,830 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item.

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