Net Income Using Accural accounting? Pablo Company had the following transactions in 2019:-Sales of $10,230 on the account.-Collected $4,000 for services to be performed in 2020.-Paid $4,650 cash in salaries for 2019.-Purchased airline tickets for $500 in December for a tripto take place in 2020.What is Pablo's 2019 net income using accrualaccounting?

Explanation of Accrual Accounting: Accrual accounting is a method where revenue and expenses are…

Answered: Pablo Company 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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Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and disbursements journal. At the end of the year (2019), the company hires you to convert the cash receipts and disbursements into accrual basis revenues and expenses. The total cash receipts are summarized as follows. The accounts receivable from customers at the end of the year are 120,000. You note that the accounts receivable at the beginning of the year were 190,000. The cash sales included 30,000 of prepayments for services to be provided over the period January 1, 2019, through December 31, 2021. a. Compute the companys accrual basis gross income for 2019. b. Would you recommend that Blue use the cash method or the accrual method? Why? c. The company does not maintain an allowance for uncollectible accounts. Would you recommend that such an allowance be established for tax purposes? Explain.
What is pablo's 2019 net income using accrual accounting?
Phil Corp. had the following transactions during 2019: -Sales of $8820 on account. -Collected $3920 for services to be performed in 2020. -Paid $3680 cash in salaries for 2019. -Purchased airline tickets for $490 in December for a trip to take place in 2020. What is Phil's 2019 net income using accrual accounting?
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The Art Attack Corporation reported sales revenue (accrual basis) of $52,000 for 2019. The accounts receivable balance was $5,500 and $4,900 at January 1, 2019, and December 31, 2019, respectively. The amount of cash collected from customers during 2019 was?
Howard Inc. had prepaid rent of $94,000 and $105,000 at the end of 2020 and 2021, respectively. During 2021, Howard recorded $259,000 in rent expense in its income statement. Cash outflows for rent in 2021 were: Multiple Choice $281,000. $270,000. $248,000. $259,000. 3
Berlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 4. Using accrual basis, compute the total income subject to income tax. P1,060,000 P960,000 P1,000,000 P970,000
Potaw Company reported the following data at the end of 2019: Sales revenue (80% on credit) Expenses (25% on credit) Accounts receivable, net at December 31, 2019 (a decrease of $12,500 during 2019) Total assets Stockholders' equity The average number of days to collect receivables during 2019 is closest to: (Do not round your intermediate calculations. Use 365 days a year.) Multiple Choice The average number of days to collect receivables during 2019 is closest to: (Do not round your intermediate calculations. Use 365 days a year.) O O O 17.67. 22.08. $470,000 77,000 12.81. 16,500 370,000 170,000 30.90.
Choose the correct answer and pls provide the formula A Company’s net accounts receivable were P250,000 as of December 31, 2018, and P300,000 as of December 31, 2019. Net cash sales for 2019 were P100,000. The accounts receivable turnover for 2019 was 5.0. What were the Company’s total net sales for 2019? *a. P1,175,000.00b. P1,275,000.00c. P1,375,000.00d. P1,475,000.00e. P1,575,000.00
ZETA Company reported revenue of P6,000,000 under the cash basis for the year ended 2020. Additional information was made available; Accounts receivable, December 31, 2019 P1,250,000; Accounts receivable, December 31, 2020, P1,375,000. Under the accrual basis, how much should ZETA Company report as revenue for 2020?
At the beginning of 2019, Blue Devil Inc. had net Accounts Receivable of $49,000. At the end of 2019, Blue Devil had cash of $41,000; net Accounts Receivable of $51,000; and short-term investments of $15,000. It also has $28,000 in current liabilities and $39,000 in long-term liabilities. The sales of 2019 is $120,000 and net income is $18,000. Required: Calculate the quick ratio and the account receivable turnover for 2019. Please show your calculation steps.
ABC Corporation began 2019 with an accounts receivable balance of $56,921. During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales. ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000 Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.

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