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Compute august income before tax under each accounting

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Reference no: EM132584915

Academic Consultants Inc. had the following selected transactions in August 2016:

Aug. 1

Prepaid insurance for August through December $1,000

Aug. 4

Purchased software for cash $800

Aug. 5

Performed service and received cash $900

Aug. 8

Paid advertising expense $300

Aug. 11

Performed service on account $3,000

Aug. 19

Purchased computer on account $1,600

Aug. 24

Collected for the August 11 service

Aug. 26

Paid account payable from August 19

Aug. 29

Paid salary expense $900

Aug. 31

Adjusted for August insurance expense (see Aug 1)

Aug. 31

Earned revenue of $800 that was collected in advance in July.

Question 1 Show how each transaction would be handled using the cash basis and the accrual basis.

Question 2 Compute August income (loss) before tax under each accounting method.

Question 3 Explain which measure of net income or net loss is preferable.

Reference no: EM132584915

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