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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- General Accounting11. 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.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?
- What is crue's 2013 net income using accrual accounting ?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 NextAccural accounting?
- You are given the following information about Sheridan Plumbing Company. Revenues in 2017 totaled $ 908, depreciation expenses $ 77, costs of goods sold $ 374, and interest expenses $ 71. At the end of the year, current assets were $ 136 and current liabilities were $ 117. The company has an average tax rate of 34 percent. Calculate its net income by setting up an income statement. (Round answers to 2 decimal places, e.g. 15.25) Sheridan Plumbing CompanyIncome StatementNet income? Using accural accountingYou are given the following information about Sandhill Plumbing Company. Revenues in 2017 totaled $ 917, depreciation expenses $ 85, costs of goods sold $ 399, and interest expenses $ 62. At the end of the year, current assets were $ 150 and current liabilities were $ 111. The company has an average tax rate of 34 percent. Calculate its net income by setting up an income statement. (Round answers to 2 decimal places, e.g. 15.25) Sandhill Plumbing CompanyIncome Statementchoose the accounting period Amount select an income statement item $ enter a dollar amount select an income statement item enter a dollar amount select a summarizing line for the first part $ enter a total amount for the first part select an income statement item enter a dollar amount select a summarizing line for the second part $ enter a total amount for the second part select an income statement item enter a dollar amount select a summarizing line for the…
- You are given the following information about Sandhill Plumbing Company. Revenues in 2017 totaled $ 917, depreciation expenses $ 85, costs of goods sold $ 399, and interest expenses $ 62. At the end of the year, current assets were $ 150 and current liabilities were $ 111. The company has an average tax rate of 34 percent. Calculate its net income by setting up an income statement. (Round answers to 2 decimal places, e.g. 15.25) Sandhill Plumbing CompanyIncome Statementchoose the accounting period Amount select an income statement item $ enter a dollar amount select an income statement item enter a dollar amount select a summarizing line for the first part $ enter a total amount for the first part select an income statement item enter a dollar amount select a summarizing line for the second part $ enter a total amount for the second part select an income statement item enter a dollar amount select a summarizing line for the…On January 1, 2017, Gill Company reported accounts receivable of $216,000, which changed to $248,000 on December 31, 2017. During 2017, the company collected $537,000 of cash from credit customers. Determine the company’s credit sales for the year 2017.Penultimate Corporation uses cash basis accounting. You are to convert its cash basis I/S to accrual basis. You are provided with the following summarized data for 2016, 2017, and 2018. Cash receipts from sales: On 2016 sales On 2017 sales On 2018 sales Cash payments for expenses: Qn 2016 expenses On 2017 expenses On 2018 expenses 2016 a. Cash basis accounting b. Accrual basis accounting $320,000 0 0 2016 $185,000 40,000 0 Y 2017 $160,000 355,000 0 2017 $ 67,000 135,000 45,000 Required: Prepare abbreviated income statements for the years 2016 and 2017 using: 2018 $ 30,000 90,000 408,000 2018 $ 25,000 55,000 218,000
