Samantha's Consulting earned $350,000 of consulting revenues in 2023, where $320,000 was collected in cash and $30,000 remains in Accounts Receivable as of 12/31/23. Also, $210,000 of expenses were incurred during the year, where $190,000 of the expenses were paid in cash, and $20,000 remains in Accounts Payable. Using accrual-basis accounting, calculate Samantha's Consulting net income for 2023. a. $130,000 b. $140,000 c. $150,000 d. $160,000
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- Planton Company had sales of £480,000 during 2019, all on account. Accounts receivable for the year grew from £100,000 on January 1 to £220,000 on December 31. Expenses for the year were £340,000, all paid in cash.” Compute Planton’s net income on the cash basis of accounting. Compute Planton’s net income on the accrual basis of accounting.3 Which basis gives a better measure of Planton’s performance for 2019? Why? Also Please show workingsWinter Company earned revenues of $340,000 in cash and $425,000 on account during 2020. Of the $425,000 on account, $140,000 was collected in cash in 2020 and the rest in 2021. The company incurred expenses of $240,000 in 2020 and made payments of $120,000 towards the expenses in 2020. What is net income in 2020 under accrual accounting?During 2018, Evensen Network , Inc., which designs network services, earned revenues of $900 million. Expenses totaled $580 million. Evensen collected all but $21 million of the revenues and paid $590 million on its expenses. b. Under accrual accounting, what amount of total expense should Evensen report for 2018? Which accounting principle helps to answer this question? The amount of total expense that should be reported for the year is $ million.
- MMT Corporation reports the following income statement items ($ in millions) for the year ended December 31, 2024: sales revenue, $2,195; cost of goods sold, $1,430; selling expense, $210; general and administrative expense, $200; interest expense, $35; and gain on sale of investments, $100. Income tax expense has not yet been recorded. The income tax rate is 25%.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 choicesWilde Company earned revenues of $150,000 in cash and $230,000 on account during 2022. Of the $230,000 on account, $84,000 was collected in cash in 2022 and the rest in 2023. The company incurred expenses of $105,000 on account in 22 and made cash payments of $90,000 towards the expenses in 2022. What is net income in 2022 under cash-basis accounting? $140,000 O $275,000 O $60,000 $144,000
- The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019: b. Calculate the company's net income for 2019. Selling, general, and administrative expenses $ 106,000 Accounts payable 170,000 Research and development expenses 77,000 Loss from discontinued operations, net of tax savings of $8,000 24,000 Provision for income taxes 35,000 Net sales 948,000 Interest expense 97,000 Net cash provided by operations 296,000 Cost of goods sold 521,000Please explain how you get the journal entries below. The DeVille Company reported pretax accounting income on its income statement as follows: 2021 $ 355,000 2022 275,000 2023 345,000 2024 385,000 Included in the income of 2021 was an installment sale of property in the amount of $30,000. However, for tax purposes, DeVille reported the income in the year cash was collected. Cash collected on the installment sale was $12,000 in 2022, $15,000 in 2023, and $3,000 in 2024.Included in the 2023 income was $10,000 interest from investments in municipal governmental bonds.The enacted tax rate for 2021 and 2022 was 40%, but during 2022, new tax legislation was passed reducing the tax rate to 25% for the years 2023 and beyond.Required:Prepare the year-end journal entries to record income taxes for the years 2021–2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)What was the net income for this general accounting question?
- In the first year of operations 2021, Samuel Inc. had a pre-tax accounting income of $4,050,000 and a rate of 20%. During 2021, Samuel engaged in the following transactions: Received rent for 2021 $144,000 Life insurance premium on officer $30,000 Depreciation for ta purposes in excess of book depreciation $90,000 Prepaid insurance for 2021 $75,000 Compute the amount below. Round to the nearest dollar The December 31, 2020, Deferred Tax Asset Balance is: The December 31, 2020 Deferred Tax Liability Balance is :Allen Company's 2019 income statement reported total revenues, $860,000 and total expenses (including $41,000 depreciation) of $730,000. The company's accounting records showed the following: accounts receivable-beginning balance, $51,000 and ending balance, $40,900; accounts payable -beginning balance, $23,000 and ending balance, $28,900. Therefore, based only on this information, how much was the 2019 net cash provided by operating activities? Multiple Choice $125,800. $175,200. $187,000. $166,800.Yorktowne uses the accrual basis: Yorktowne received cash from customers of $34,000 during 2022. Yorktowne provided goods and services to customers worth $58,000 during 2022. Yorketowne paid cash for bills of $23,000 during 2022. Yorketowne accrued expenses worth $21,000 during 2022. What is net income under the accrual basis used for GAAP?