Provide correct answer the accounting question 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 in2018.What is Bramble's 2017 net income using accrual accounting?a. $5630b. $5140c. $9550d. $9060

Step 1: Define Accrual AccountingUnder accrual accounting, a transaction is recorded when an…

Answered: Bramble Corp. had the following…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 10EB: Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts...

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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?
General 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?
General Accounting
Planton 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 workings
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, $89,000. a. Complete the below table to calculate the days' sales uncollected at the end of each year. (Round your "Days' Sales Uncollected" answer to 1 decimal place.) ok Days' Sales Uncollected Choose Numerator: Choose Denominator: Days Days' Sales Uncollected %3D Days' sales uncollected 2016: days %3D 2017: days %3D ces < Prev 4 of 4 Next
Miller Company reported the following information in its 2017 financial statements ($ in millions) 2017 2016 $2,347.8 $1,675.0 $18,477.6 Balance sheet: Accounts receivable, net Income statement sales revenue A note disclosed that the allowance for uncollectible accounts had a balance of $30.4 million and $30.1 million at the end of 2017 and 2016, respectively. Bad debt expense for 2017 was $20,4 million Required: Determine the amount of cash collected from customers during 2017. (All sales are on credit. Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) Cash cofections S 18.004.5
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Sage Hill Inc. had the following transactions involving current assets and current liabilities during February 2017. Feb. 3 Collected accounts receivable of $18,600. 7 Purchased equipment for $33,200 cash. 11 Paid $2,000 for a 1-year insurance policy. 14 Paid accounts payable of $14,600. 18 Declared cash dividends, $8,200. Additional information:As of February 1, 2017, current assets were $132,700 and current liabilities were $34,600.Compute the current ratio as of the beginning of the month and after each transaction. (Round all answers to 2 decimal places, e.g. 1.83 : 1.) Current ratio as of Feb. 1, 2017 :1 Feb. 3 :1 Feb. 7 :1 Feb. 11 :1 Feb. 14 :1 Feb. 18 :1
Cullumber, Inc. reported the following item in its balance sheet at December 31, 2022: Accounts receivable, net of $986 allowance $59678 Which statement is true? Cullumber’s customers owe $60664. During the year, customers charged $59678 on account. Cullumber expects its customers to pay $58692. The balance owed by customers is $59678.
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