Amounts billed to customers for services renderedCash collected from credit customersCash disbursements:Payment of rentSalaries paid to employees for services rendered during the yearUtilitiesAdvertisingRequired 1Required 2Calculate accrual net income for both years.Year 2RevenuesExpenses:RentSalariesUtilitiesIn addition, you learn that the company incurred advertising costs of $22,000 in year 2, owed the advertising agency $4,700 at theend of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rentpayment was for a two-year period, year 2 and year 3.Required:1. Calculate accrual net income for both years.2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2.Complete this question by entering your answers in the tabs below.AdvertisingNet incomeYear 2$ 320,000230,000Year 3:77,000137,00027,00013,500.Year 3$ 420,000370,0000157,00037,00032,000 Amounts billed to customers for services renderedCash collected from credit customersCash disbursements:Payment of rentSalaries paid to employees for services rendered during the yearUtilitiesAdvertisingRequired 1Required 2Calculate accrual net income for both years.Year 2RevenuesExpenses:RentSalariesUtilitiesIn addition, you learn that the company incurred advertising costs of $22,000 in year 2, owed the advertising agency $4,700 at theend of year 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rentpayment was for a two-year period, year 2 and year 3.Required:1. Calculate accrual net income for both years.2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2.Complete this question by entering your answers in the tabs below.AdvertisingNet incomeYear 2$ 320,000230,000Year 3:77,000137,00027,00013,500.Year 3$ 420,000370,0000157,00037,00032,000

The income statement is prepared to record the revenue and expenses of the current period. The…

Required: 3 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Advertising liability at end of Year 2 < Required 1 Required 2 >

Required: 3 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2. Advertising liability at end of Year 2 < Required 1 Required 2 >

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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