Please help me Primo Industries collected $107,474 from customers in 2015.Of the amount collected, $27,373 was from servicesperformed in 2014. In addition, Primo performed servicesworth $41,264 in 2015, which will not be collected until 2016.Primo Industries also paid $76,280 for expenses in 2015. Ofthe amount paid, $29,224 was for expenses incurred onaccount in 2014. In addition, Primo incurred $42,536 ofexpenses in 2015, which will not be paid until 2016. Compute2015 cash-basis net income.

Understanding Cash-Basis AccountingIn cash-basis accounting, revenues are recorded when cash is…

Answered: Primo Industries collected $107,474…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 2EA: Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019,...

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During 2018, Evensen Network, Inc., which designs network servers, earned revenues of $900 million. Expenses totaled $580 million. Evensen collected all but $29 million of the revenues and paid $590 million on its expenses. Read the requirements LOADING... . Requirement a. Under accrual accounting, what amount of revenue should Evensen report for 2018? How does the revenue principle help to answer this question? The amount of revenue that should be reported for the year is $ 900 million. How does the revenue principle help to answer this question? The revenue principle says to record revenue when it has been (collected, earned, recorded), regardless of when (cash is collected, revenue is earned, sold inventory is delivered).Therefore, the amount of revenue reported is what Evensen (collected, earned ,paid). ()= blank. inside are the word choices
Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019, they generated $993,729 in service revenue. Their total cost (fixed and variable) per client was $1,217 and they served 268 clients during the year. If operating expenses for the year were $291,276 what was their operating income?
During 2015, Parker Enterprises generated revenues of $90,000. The company's expenses were as follows: cost of goods sold of $45,000, operating expenses of $18,000 and a loss on the sale of equipment of $3,000.Parker's gross profit is
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During 2018, Evensen Network, Inc., which designs network servers, earned revenues of $900 million. Expenses totaled $580 million. Evensen collected all but $29 million of the revenues and paid $590 million on its expenses. Explain how the accrual basis differs from the cash basis. The accrual basis measures revenues (as earned, as incurred, collected in cash, paid in cash) and expenses (as earned, as incurred, collected in cash, paid in cash) while the cash basis measures revenues (as earned, as incurred, collected in cash, paid in cash) and expenses (as earned, as incurred, collected in cash, paid in cash). The parentheses are blanks and in side are the word choices
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