AA E3. Determine the amount of receivables from clients that the firm would show in its year 1 and year 2 balance sheets prepared according tothe accrual accounting modelListed below are several transactions that took place during the second and third years of operations for the RPG Company.Amounts billed to customers forservices renderedCash collected from creditcustomersCash disbursements:Payment of rentSalaries paid to employees forservices rendered during theyearUtilitiesAdvertisingYear 2$350,000260,00080,000140,00030,00015,000Year 3$450,000400,000Ơ0160,00040,00035,000In addition, you learn that the company incurred advertising costs of $25,000 in year 2, owed the advertising agency $5,000 at the end ofyear 1, and there were no liabilities at the end of year 3. Also, there were no anticipated bad debts on receivables, and the rent payment wasfor 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 2page 37

Year 2Year 3Revenue $ 3,50,000 $ 4,50,000Less ExpensesRent $ 40,000 $…

the accrual accounting model. bles from clients that the firm would show in its year 1 and year 2 balance she Listed below are several transactions that took place during the second and third years of operations for the RPG Amounts billed to customers for services rendered Cash collected from credit customers Cash disbursements: Payment of rent Salaries paid to employees for Year 2 $350,000 260,000 80,000 140,000

the accrual accounting model. bles from clients that the firm would show in its year 1 and year 2 balance she Listed below are several transactions that took place during the second and third years of operations for the RPG Amounts billed to customers for services rendered Cash collected from credit customers Cash disbursements: Payment of rent Salaries paid to employees for Year 2 $350,000 260,000 80,000 140,000

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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