2019 net income? Phil Corp. had the following transactions during2019: -Sales of $8820 on account. -Collected$3920 for services to be performed in 2020. -Paid$3680 cash in salaries for 2019. -Purchasedairline tickets for $490 in December for a trip totake place in 2020. What is Phil's 2019 netincome using accrual accounting?

Explanation of Accrual Accounting: Accrual accounting is a method of recording financial…

Answered: Phil Corp. had the following…

Individual Income Taxes

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Author:Hoffman

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Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 46P: Blue Company, an architectural firm, has a bookkeeper who maintains a cash receipts and...

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The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of S4,500 for services to be performed in January 2020. Swanstrom also receives the December utility bill for S600 but does not pay this bill until 2020. For 2019, under the accrual basis of accounting, Swanstrom would recognize: a. $8,000 of revenue and $600 of expense. b. $8,000 of revenue and $0 of expense. c. $3,500 of revenue and $600 of expense. d. $3,500 Of revenue and $0 of expense.
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?
What is pablo's 2019 net income using accrual accounting?
???
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?
Financial Accounting
The owner's capital account has a credit balance of P624,000 on January 1, 2019. The owner's withdrawal account has a debit balance of P360,000 on December 31, 2019. The income summary account contains debit posting of P830,500 and a credit posting of P1,210,500. What would be the balance of the owner's capital account on December 31, 2019.
Zuhoor Muscat Company reported the following transactions during the year 2020collected RO 45,000 cash from customers for services provided during 2020 and recelved RO 45, 000 from customers for services provided during 2019. Additionally, Zuhoon Muscat Company provided services to customers on account during 2020 for a total of RO 90,000 and accepted RO 55,000 cash for services to be performed in 2021. If Zuhoor Muscat Company applying accrual accounting, then the effect of the above transactions on its net income at yearend 2020 will be: a. Increase by RO 135,000 b. Increase by RO 145,000 . Increase by RO 235,000 dIncrease by RO 190,000 e None of the options are correct
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

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