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 its first year of operations, Mack’s Plumbing Supply Co. had sales of $430,000, wrote off $6,900 of accounts as uncollectible using the direct write-off method, and reported net income of $47,300. Determine what the net income would have been if the allowance method had been used and the company estimated that 1 3/4% of sales would be uncollectible.
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?
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Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019, they generated $724,000 in service revenue. Their total cost (fixed and variable) per client was $2,600 and they served 110 clients during the year. If operating expenses for the year were $302,000 what was their net income? Park and West, LLC Income Statement For Year Ending 2019 Service Revenue Cost of Services Gross Profit Operating Expenses Operating Income
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