Total Spa Services earned $125,000 of service revenue during 2024. Of the $125,000 earned, the business received $101,000 in cash. The remaining amount, $24,000, was still owed by customers as of December 31. In addition, Total Spa Services incurred $78,000 of expenses during the year. As of December 31, $11,000 of the expenses still needed to be paid. In addition, Total Spa Services prepaid $3,000 cash in December 2024 for expenses incurred during the next year. 1. Determine the amount of service revenue and expenses for 2024 using a cash basis accounting system. 2. Determine the amount of service revenue and expenses for 2024 using an accrual basis accounting system. 1. Determine the amount of service revenue and expenses for 2024 using a cash basis accounting system. Cash basis Service revenue Expenses

Total Spa Services earned $125,000 of service revenue during 2024. Of the $125,000 earned, the business received $101,000 in cash. The remaining amount, $24,000, was still owed by customers as of December 31. In addition, Total Spa Services incurred $78,000 of expenses during the year. As of December 31, $11,000 of the expenses still needed to be paid. In addition, Total Spa Services prepaid $3,000 cash in December 2024 for expenses incurred during the next year. 1. Determine the amount of service revenue and expenses for 2024 using a cash basis accounting system. 2. Determine the amount of service revenue and expenses for 2024 using an accrual basis accounting system. 1. Determine the amount of service revenue and expenses for 2024 using a cash basis accounting system. Cash basis Service revenue Expenses

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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A system contains many processes. Three common processes that are “grouped” together are transaction corrections, adjustments, and cancellations. These three elements work to properly serve customers. Imagine a system that allows you to register for a class online. The online system must give you a way to correct any errors you made, such as registering for the wrong class. This would be a transaction correction. The system should also allow you to make adjustments, such as adding or dropping classes. Finally, the system should allow you to make cancellations, such as cancelling the registration process entirely. Notice that all three of these processes, correction, adjustment, and cancellation, work together to provide you with one service, which is registering for classes. What type of requirements are transaction corrections, adjustments, and cancellations? Select one. Question 4 options: A Functional Requirements B Nonfunctional Requirements
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