LA MORE COMPANY HAD THE FOLLOWING TRANSACTIONS IN 2016: -SALES OF $9,000 ON THE ACCOUNT. -COLLECTED $4,000 FOR SERVICES TO BE PERFORMED IN 2017. -PAID $3,750 CASH IN SALARIES FOR 2016. -PURCHASED AIRLINE TICKETS FOR $500 IN DECEMBER FOR A TRIP TO TAKE PLACE IN 2017. WHAT IS LA MORE'S 2016 NET INCOME USING ACCRUAL ACCOUNTING?
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- Can you answer this question?General AccountingPlanton 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
- 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.) $8860Winter 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?11. 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.
- F. Based on Baker’s account balances, the amount of Net Income that would be shown on Baker’s Income Statement for December 2017 would be: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?Silo company had the following transactions during Dec. 2018. Earned services revenue on account $4,500, Collected $2,000 in cash for services performed, Paid $1,325 cash in salaries, Purchased airline tickets for $250 cash for a trip in Aug. 2019. What is the net income using accrual and cash basis accounting?
- During 2021, Jerry Inc. has the following account balances in Income Statement: Sales P 1,630,245, Cost of Sales P 646,788, Selling Expense P 235,500, Administrative Expense P 114,766, Other Expense P 57,146, Tax Expense P 200,400 and Other Revenue P 65,810. How much is the net income? a. P 414,454b. P 414,455c. P 441,455d. P 441,445What is crue's 2013 net income using accrual accounting ?O. Tybalt invested $7,000 cash in the business during year 2017 (the December 31, 2016, credit balance of the O. Tybalt, Capital account was $122,100). Tybalt Construction is required to make a $9,000 payment on its long-term notes payable during 2018. Required:1a. Prepare the income statement for the calendar-year 2017.1b. Prepare the statement of owner's equity for the calendar-year 2017.1c. Prepare the classified balance sheet at December 31, 2017.2. Prepare the necessary closing entries at December 31, 2017.3. Use the information in the financial statements to compute the following ratios: