On January 1, 2024, customers owed Sheridan Company $51200 for services provided in 2023. During 2024, Sheridan Co. received $186000 cash from customers. On December 31, 2024, customers owed Sheridan $21900 for services provided in 2024. How much revenue should Sheridan recognize in 2024 under the accrual basis of accounting? O $186000 O $179600 O $156700 O $134800

On January 1, 2024, customers owed Sheridan Company $51200 for services provided in 2023. During 2024, Sheridan Co. received $186000 cash from customers. On December 31, 2024, customers owed Sheridan $21900 for services provided in 2024. How much revenue should Sheridan recognize in 2024 under the accrual basis of accounting? O $186000 O $179600 O $156700 O $134800

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sah
18. Tangier Company had a January 1, 2022, balance in Allowance for Doubtful Accounts of $7,000 Cr. The following events required journal entries during 2022: Apr. 15 Diya’s account receivable of $5,700 was deemed uncollectible. July 1 Nitosa paid the full amount of her previously written-off account receivable. The receivable of $2,300 had been written off in 2021. Dec. 31 Bad debts expense was estimated to be 2.0 percent of net credit sales, which had amounted to $375,000. What amount of Allowance for Doubtful Accounts should appear in the December 31, 2022 balance sheet? a. $6,500 b. $11,100 c. $22,500 d. $17,900 e. None of the above. 19. Nguyen Company had $250,000 of Accounts Receivable and a $7,500 credit balance in its Allowance for Doubtful Accounts account just prior to writing off a $2,000 uncollectible account of a customer. After the write-off, the carrying amount (NRV-Net Realizable…
On June 11, 2019, Hat Trick Manufacturing sold goods worth $400,000 with terms 2/10, n/30 to Ice House sports. On June 20, 2019, hat trick manufacturing received payment for 1/2 of the amount due from ice house sports. what will be the amount reported in the financial statements for the account receivable due from ice house sports if the fiscal year ends on june 30, 2019 and the gross mwthod is used? And no plagiarism please
The following accounts and their balances appear in an unadjusted trial balance of Jhet Co. as of December 31, 2021: Cash and cash equivalents -₱400,000; Trade and other receivables -₱2,000,000; Subscription receivables - ₱375,000; Inventory -₱500,000; Trade and other payables -₱670,000; Income tax payable -₱196,500. Additional information includes: A. Trade and other receivables include long-term advances to company officers amounting to ₱430,000. B. The subscriptions receivable has the following call dates: June 30, 2022 –₱200,000; December 31, 2022 –₱100,000; and June 30, 2023 –₱75,000. C. Inventory of ₱500,000 was determined by physical count. At December 31, 2021, goods costing ₱125,000 are in transit from a supplier. Terms of purchase of the said goods is FOB origin. The goods and the related invoice have not been received as of year-end. D. Trade and other payables include dividends payable amounting to ₱170,000, of which ₱70,000 is payable in cash and ₱100,000 is distributable…
please help me
DO NOT GIVE SOLUTION IN IMAGE
DO NOT GIVE SOLUTION IN IMAGE
4A
Grandview, Incorporated uses the allowance method. At December 31, 2021, the company's balance sheet reports Accounts Receivable, Net in the amount of $27, 200. On January 2, 2022, Grandview writes off a $ 2,400 customer account balance when it becomes clear that the customer will never pay. What is the amount of Accounts Receivable, Net after the write-off? a $27, 200 b $2,400 c $29, 600 d $24, 800
During 2025, Carla Vista Inc. had sales on account of $785000, cash sales of $302000, and collections on account of $504000. In addition, the company collected $8200 which had been written off as uncollectible in 2024. As a result of these transactions the change in the accounts receivable indicates a O $574800 increase. O $272800 increase. O $583000 increase. O $281000 increase.