Need answer the financial accounting question not use ai and chatgpt Rainier Industries had the following transactions in September:Earned $5,500 as revenues on the account.Collected $3,000 from a customer for services provided last month.Incurred $800 in advertising expenses and paid cash.Paid $500 to a supplier that was owed from the previous month.What is Rainier Industries' Net Income for September?

Step 1: Define Net IncomeNet income is the profit a company earns after subtracting all expenses…

Answered: Rainier Industries had the following…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter7: Budgeting

Section: Chapter Questions

Problem 9PA: Fitbands estimated sales are: What are the balances in accounts receivable for January, February,...

See similar textbooks

Similar questions

A professional service firm at the end of the current fiscal year had a Total Revenue of $8,500,000 and accounts receivable of $2,000,000. If its accounts receivable at the end of the previous year was $2,200,000, what is this business' Receivable Turnover (RT) and Days' Collections (DC)? Write out your math
In its first year of operations, Maria Corp.earned 48,100 in service revenue.Of that amount, 8,200 was on account and the remainder, 39, 900, was collected in cash from customers. The company incurred various expenses totalling 32,300, of which 28,800 was paid in cash. At the year end, 3,500 was still owing on account. In addition, Maria prepaid 2,000 for insurance coverage that covered the last half of the first year and the first half of the second year. maria expects to owe 3000 of income tax when it files its corporate income tax return after year end.
On December 1, the Accounts Receivable account had a $22.000 debit balance. During December the business eamed $10.500 in revenue on account and collected $13.200 from its-charge-account customers. After posting these transaction, the balance in the Accounts Receivable account on December 31 is
Luna Company accepted credit cards in payment for $7,100 of services performed during July Year 1. The credit card company charged Luna a 1.50 percent service fee; it paid Luna as soon as it received the invoices. Required a. Prepare the general journal entry to record the service revenue. b. Prepare the general journal entry for the collection of the receivable from the credit card company. c. Based on this information alone, what is the amount of net income earned during the month of July? Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the general journal entry to record the service revenue. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet < A Record service revenue on credit card payment and credit card expenses. Note: Enter debits before credits. Transaction 1 General…
During November, Florist Grump, Inc. performed $26,000 of services on account and sent bills to its customers. In November, Florist Grump collected $2,000 from these credit customers. How much revenue should Florist Grump record in November?
In its first year of operations, Ivanhoe Company recognized $28,560 in service revenue, $6,120 of which was on account and still outstanding at year-end. The remaining $22,440 was received in cash from customers. The company incurred operating expenses of $16,116. Of these expenses, $12,240 were paid in cash; $3,876 was still owed on account at year-end. In addition, Ivanhoe prepaid $2,448 for insurance coverage that would not be used until the second year of operations. (a) Calculate the first year's net earnings under the cash basis of accounting, and calculate the first year's net earnings under the accrual basis of accounting. Cash Basis Net Income $ Accrual Basis $ (b) Which basis of accounting (cash or accrual) provides more useful information for decision-makers?
am. 295.
A company collects $50,000 from customers for the year. Accounts Receivable at the beginning of the year is $5,000, and Accounts Receivable at the end of the year is $15,000. What is sales revenue for the year? O $65,000 $60,000 $40,000 $55,000
In its first year of operations, Crane Company recognized $22,400 in service revenue, $4,800 of which was on account and still outstanding at year-end. The remaining $17,600 was received in cash from customers.The company incurred operating expenses of $12,640. Of these expenses, $9,600 were paid in cash; $3,040 was still owed on account at year-end. In addition, Crane prepaid $1,920 for insurance coverage that would not be used until the second year of operations.Calculate the first year’s net earnings under the cash basis of accounting, and calculate the first year’s net earnings under the accrual basis of accounting.
In its first year of operations, Crane Company recognized $22,400 in service revenue, $4,800 of which was on account and still outstanding at year-end. The remaining $17,600 was received in cash from customers.The company incurred operating expenses of $12,640. Of these expenses, $9,600 were paid in cash; $3,040 was still owed on account at year-end. In addition, Crane prepaid $1,920 for insurance coverage that would not be used until the second year of operations.(a) Calculate the first year’s net earnings under the cash basis of accounting, and calculate the first year’s net earnings under the accrual basis of accounting. Cash Basis Accrual Basis Net Income $enter net income in dollars $enter net income in dollars (b) Which basis of accounting (cash or accrual) provides more useful information for decision-makers? select the basis of accounting Accrual basis Cash basis
Kindly help me with accounting questions
In its first year of operations, Sheridan Company recognized $30,000 in service revenue, $7,200 of which was on account and still outstanding at year-end. The remaining $22,800 was received in cash from customers. The company incurred operating expenses of $16,600. Of these expenses, $13,520 were paid in cash; $3,080 was still owed on account at year-end. In addition, Sheridan prepaid $2.650 for insurance coverage that would not be used until the second year of operations. (a) Calculate the first year's net earnings under the cash basis of accounting, and the first year's net earnings under the accrual basis of accounting Net Income Cash Basis $ Accrual Basis

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Principles of Accounting Volume 2

Accounting

ISBN:

9781947172609

Author:

OpenStax

Publisher:

OpenStax College

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS