A lawn care company started business on january 1 2012 the

Assignment Help Accounting Basics
Reference no: EM13480347

A lawn care company started business on January 1, 2012. The company billed clients $105,000 for lawn care services completed in 2012. By December 31, the company had received $84,000 cash from customers, with the $21,000 balance expected to be collected in 2013. During 2012, the company paid $68,000 cash for various expenses. At December 31, the company still owed $41,000 for additional expenses incurred that have not yet been paid in cash. These expenses will be paid during January 2013.

How much income (or loss) should the company report for 2012? Note: The company computes income using cash-basis accounting.

Reference no: EM13480347

Questions Cloud

Create a time-line spreadsheet which will show the present : assume that a large copy machine is being purchased by your employer. the cost is 200.000. the manufacturer claims it
Article the ldquobig 5rdquo and beyond nurses paid carers : preparation for this assignmentread the article through in its entirety and in doing so keep in mind your purpose in
Prepare the adjusting entry needed for business solutions : santana rey owner of business solutions realizes that she needs to begin accounting for bad debts expense. assume that
During 2011 lavina corporation had cash and credit sales of : during 2011 lavina corporation had cash and credit sales of 94000 and 91000 respectively. the company also collected
A lawn care company started business on january 1 2012 the : a lawn care company started business on january 1 2012. the company billed clients 105000 for lawn care services
Suppose you have 250000 to invest construct a diversified : 1. suppose you have 250000 to invest. construct a diversified investment bportfolio in stock of six 6 companies traded
Compute the net cash inflow cash receipts less yearly cash : holmes electronics canadian branch will help introduce into canada the just developed new electronic device which when
Fast food corners are gaining quick popularity among the : a small description is given below and i need a research paper in 7 pages with one page recourses. the important thing
What is burger queens operating leverage b if sales : burger queen restaurant had the following information available related to its operations from last year sales 150000

Reviews

Write a Review

Accounting Basics Questions & Answers

  Total dollar contribution margin dollars-percentage

An imaging center has the following information: Compute the total dollar contribution margin dollars and percentage.

  Cost formula for utility expense

The high-low method will be used to develop a cost formula to predict 2011 utility charges, and the number of machine hours has been found to be an appropriate cost driver. Data for the first half of 2010 are not being considered because the utili..

  What is the cost of the finished goods inventory

The Johnson Manufacturing Company has the following job cost sheets on file. They represent jobs that have been worked on during March of the current year.

  Example of permanently restricted resources

Provide examples of resources that are temporarily restricted as to: (a) purpose; (b) time; and (c) the occurrence of a specific event. Provide an example of permanently restricted resources.

  Amount of depletion expense

Determine the amount of depletion expense for the current year. Illustrate the effects on the accounts and financial statementsof the depletion expense.

  Project management accounting

BBAC501-Project Management Accounting:   Review the performance of ValleyviewPlaygyms in 2012 and make a recommendation as to whether Johnson's overdraft facility should be cancelled.  Prepare a report for Johnson explaining the errors s he made in..

  Concept earnings per share

Santana Corporation has 400,000 shares of common stock outstanding throughout 2010. In addition, the corporation has 5,000, 20-year, 7% bonds issued at par in 2008. Each $1,000 bond is convertible into 20 shares of common stock after 9/23/11. Duri..

  Units of production for conversion costs

All materials are added at the beginning of the process. The first-in, first-out method is used to cost inventories. The number of equivalent units of production for conversion costs for the period was:

  Residual distribution approach

You have determined that its present capital structure (80% equity and 20% debt) is optimal, and its net income is forecasted at $140 million. Use the residual distribution approach to determine SSC's total dollar distribution.

  Amount of taxable income

USCo, a domestic corporation, earns $50 million of taxable income from U.S. sources and $10 million of taxable income from foreign sources. What amount of taxable income does USCo report on its U.S. tax return?

  Adjusting entries of worcester company

At December 31, 2008, the trial balance of Worcester Company contained the following amounts before adjustment. Based on the information given, which method of accounting for bad debts is Worcester Company using-the direct write-off method or the a..

  What is the interest expense for 2012

Accounting for Business Decisions -HI5001 - what is the interest expense for 2012 and how much equipment was purchased during the year

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd