Provide correct answer the general accounting question Clearview Inc. had the following transactions during 2022:-Sales of $12,500 on account.-Collected $5,200 for services to be performed in 2023.-Paid $4,300 cash in salaries for 2022.-Purchased equipment maintenance services for $800 in December formaintenance to be done in 2023.What is Clearview's 2022 net income using accrual accounting?Options:a. $8,200b. $8,000c. $12,500d. $12,200

Step 1:The cash collected for services to be performed in 2023 should not be recognized as revenue…

Answered: Clearview Inc. 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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Ratio Analysis Rising Stars Academy provided the following information on its 2019 balance sheet and state mcnt of cash flows: Long-term debt S 4,400 Interest expense S 398 Total liabilities 8,972 Net income 559 Total assets 38,775 Interest payments 432 Total equity 29,803 Cash flows from operations 1.015 Operating income 1.223 Income tax expenses 266 Income taxes paid 150 Required: Calculate the following ratios for Rising Stars: (a) debt to equity, (b) debt to total assets, (c) long-term debt to equity, (d) times interest earned (accrual basis), and (e) times interest earned (cash basis). (Note: Round answers to three decimal places.) CONCEPTUAL CONNECTION Interpret these results. 3.What does it mean if a bond is callable
Wilde Company earned revenues of $150,000 in cash and $230,000 on account during 2022. Of the $230,000 on account, $84,000 was collected in cash in 2022 and the rest in 2023. The company incurred expenses of $105,000 on account in 22 and made cash payments of $90,000 towards the expenses in 2022. What is net income in 2022 under cash-basis accounting? $140,000 O $275,000 O $60,000 $144,000
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
Need answer the financial accounting question
Winter 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?
The 2025 income statement of Wildhorse Corporation included the following items Service Revenue Interest Expense Unearned Service Revenue Interest payable All of Wildhorse's revenue is received in cash (no Accounts Receivable). The following items were taken from Wildhorse's balance sheet $367600 O $367600. O $370150. 4700 O $362900. O $394450. The cash received for services during the year is December 31, 2025 $26850 1250 December 31, 2024 $24300 1950
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The following information was taken from the comparative financial statements of Foggy Industries, Inc., for the years ended December 31, 2021 and 2022: Net income for 2022 Sales revenue. Cost of goods sold.. . . . . Depreciation expense for 2022. . . . . . $ 160,000 2,200,000 1,700,000 150,000 Interest expense on short-term debt for 2022. 20,000 Dividends declared and paid in 2022. . . . . 60,000 Utilities expense 10,000 Dec. 31, 2022 Dec. 31, 2021 Accounts receivable (net) $ 120,000 Inventory Accounts payable $110,000 190,000 180,000 148,000 156,000 Use the direct method to compute cash flows provided by operating activities in 2022. (Hint: Prepare the Statement of Comprehensive Income in good form to identify the operating expenses.)
Shawn's construction company has asked you to calculate operating cash flow for 2019. The company had total revenue of $4,116 with selling and administrative expenses of $554. The cost of goods sold for 2019 was $2,354. Shawn's used depreciation expense of $319 and interest expense of $162. The company paid out $75 in dividends after paying taxes of $186. O $1,118 $1,022 $795 O $720 O $1,147
MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,195; cost of goods sold, $1,430; selling expense, $210; general and administrative expense, $200; interest expense, $35; and gain on sale of investments, $100. Income tax expense has not yet been recorded. The income tax rate is 25%.
a. Know: Identify the three major financial statements. b. Understand: Company B has assets totaling $100,000, but liabilities of $70,000. Calculate Company B's owner's equity? c. Apply: In 2022, Company A had net sales of $465,000, cost of goods sold at $260,000, total operating expenses at 100,000 with taxes of 16,000. In 2022, Company B hadnet sales of 440,000, cost of goods sold at $247,000 total operating expenses at 40,000 with taxes of 12,000. Write three sentences or more in which you calculate and compare the bottom line of two companies.
What was the net income for this general accounting question?

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