Accrual basis income statement

Assignment Help Accounting Basics
Reference no: EM13147621

Suppose, revenue shown on the accrual basis income statement was $200,000. Accounts receivable were $5,000 on January 1, 2008 and $3,000 on December 31, 2008. During the year, we received $7,000 in advance of performing the services. These services will be performed next year in 2009. Can you show the computation of revenue for 2008 on cash basis?

Reference no: EM13147621

Questions Cloud

What is the temperature of the water in the tank : On a cold (5F) day 30 gallon per minute of water is being pumped from a well to a storage tank 100 ft above the level of the water in the well. The temperature of the well water is 35F. Although the storage tank and water lines are insulated,
What are the determinants of demand : What are the determinants of demand? What happens to the demand curve when any of these determinants change? What is the difference between change in demand and change in quantity demanded?
What is the ph of this buffer : A buffer solution is prepared by mixing 0.500 L of 1.50 M HF and 0.400 L of 0.95M KF. What is the pH of this buffer? [Ka(HF) = 6.30 × 10-4]
What is the expected real interest rate for this loan : The terms of the loan are not renegotiated, so the borrower has a guaranteed nominal interest rate of 10%. What is the expected real interest rate for this loan?
Accrual basis income statement : Suppose, revenue shown on the accrual basis income statement was $200,000. Accounts receivable were $5,000 on January 1, 2008 and $3,000 on December 31, 2008.
Xplain why it is the mother or the father : Are Pat and Robin's parents both normal or does one of them have Angelman or Prader-Willi syndrome? If one of them has a disorder, explain why it is the mother or the father.
What do you understand by causation : What do you understand by causation? What are the conditions necessary before you conclude that one variable causes the other? What criterion measures would you utilize to assess or evaluate a scientific theory?
How many millimeters of 5m naoh are needed : how many millimeters of 5M NaOH are needed to neutralize 40mL of 2M H2SO4
Likelihood of selected flights arrived within fifteen minute : We select four flights from yesterday for study. What is the likelihood all four of the selected flights arrived within 15 minutes of the scheduled time?

Reviews

Write a Review

Accounting Basics Questions & Answers

  Methods of determining bad debt expense

Which of the following methods of determining bad debt expense does not properly match expense against revenue?

  Linear and nonlinear cost function

What is the difference between linear and nonlinear cost function? Give an example of each type of cost function?

  Recording issuances of common stock-treasury stock

Prepare the journal entries for these transactions, assuming that the common stock has a par value of $3 per share. Prepare the journal entries for these transactions, assuming that the common stock is on-par with a stated value of $2 per share.

  What are the companys marginal and average tax rates

The Talley Corporation had a taxable income of $365,000 from operations after all operating costs but before (1) interest charges of $50,000, (2) dividends received of $15,000, (3) dividends paid of $25,000, and (4) income taxes. What are the firm..

  Portion of ordinary income or loss for zariat

Determine the nonseparately computed income or loss. What is the portion of ordinary income or loss for Zariat, one of the three shareholders?"

  Entries to record sales and collections

Prepare the entries to record sales and collections during the period. Prepare the entry to record the write-off of uncollectible accounts during the period.

  Journalize the entry for issuance of the preferred stock

Elston Company is authorized to issue 1,000,000 shares of $1 par value common stock. During 2002, its 1st year of operation the corporation has the following stock transactions:

  Revenue from a hospital

Your hospital has the following revenue for the months of July-September: July $2,000,000 August $3,000,000 September $4,000,000. If 30% of the month's revenue is collected in the same month, 40% is collected in the second month and 30% is collect..

  Total amount of the credit sales

If the collection period of a company is 31 days, and average receivables is $70,060, what is the total amount of the credit sales?

  Accounting informations systems

Propose a minimal classification scheme that can be used to protect any business and provide examples of the type of information that would fall into each category.

  Information regarding maturity risk premium

Assume that the real risk-free rate, r, is 3 percent and that inflation is expected to be 8 percent in Year 1, 5 percent in Year 2 and 4 percent thereafter.

  During the year the partnership incurs

During the year the partnership incurs a $120,000 loss. How much of the loss can Karen report on her tax return for the current 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