Prepaid expenses-deffered fee revenue-accrued liabilities

Assignment Help Business Economics
Reference no: EM131253418

Haskins and Jones, Attorneys at Law, maintain its books on a cash basis. During 2016, the company collected $545,000 in fees from its clients and paid out $412,000 in expenses. You are able to determine the following information about accounts receivable, prepaid expenses,deffered fee revenue and accrued liabilities.

                     Jan 1 2016.   Dec 31 2016

Accounts

receivable.     62,000.           55,000

prepaid

insurance.       4,500.              6,000

prepaid

rent.                  9,200.              8,200

deferred fee

revenue            9,200.              11,000

Accrued

liabilities

(for various

expenses)        12,200.            15,600

In addition, 2016 depreciation expensr o furniture and fixtures is 22,000.

Required Determine accrual basis nst income for 2016.

Reference no: EM131253418

Questions Cloud

Demand for real money balances : Assume output Y and the real interest rate r are determined exogenously, and demand for real money balances is given by (M/P )d = L (i, Y ). Suppose some new technology arrives that causes people to expect Y to rise next year (with no change in Y ..
What should you do on the index card : When using keywords to search for sources, you may find more sources by brainstorming a list of. When taking notes during research, if you copy an author's exact words, what should you do on the index card?
Methods of recording accounts receivable transactions : What are two methods of recording accounts receivable transactions when a cash discount situation is involved? Which is more theoretically correct? Which is used in practice more of the time? Why?
What market price per share would make this par bond : On 1/1/15, the Larson Co. issues a $10,000 bond @103. The bond is convertible into 400 shares on Larson common stock. The fair market value of the shares on the issue date exceeds the face value of the bond. Following GAAP, what market price per shar..
Prepaid expenses-deffered fee revenue-accrued liabilities : Haskins and Jones, Attorneys at Law, maintain its books on a cash basis. During 2016, the company collected $545,000 in fees from its clients and paid out $412,000 in expenses. You are able to determine the following information about accounts receiv..
Design the food and beverage menus for this event : Choose an appropriate awards occasion for the function. Design the food and beverage menus for this event. Give consideration to special dietary and cultural requirements. Discuss why the menu is suitable for the event
Explain the potential causes for sea star wasting disease : What is a keystone species? Explain why sea stars are considered a keystone species in their community. Explain the potential causes for sea star wasting disease, and describe the scientific evidence for each cause.
Explain why a change was needed : Provide a brief summary of the organization (its culture, its industry, its product and services). - Explain why a change was needed.
Tangible and intangible benefits that walgreens receives : What are the tangible and intangible benefits that walgreens receives by being a leader in hiring employees with disabilities?

Reviews

Write a Review

Business Economics Questions & Answers

  Large amounts of dollar-denominated assets

As of 2006, the United States is running a large trade deficit--that is, imports exceed exports by a wide margin and the United States is consuming more than it is producing. The U.S.'s ability to consume more than it produces rests on foreigners' wi..

  Michael is not maximizing his utility

Michael spends $10 a month on both Pez dispensers and Superman action. His marginal-utility-to-price ratio for the Pez dispensers is 40.

  Single most important economic principle

Thinking back on what you have learned in this course, identify the single most important economic principle learned and explain why it was more significant than any other principle or concept.

  What is the amount of this shortage or surplus

What are equilibrium price and quantity? Suppose actual prie is $92, What is quantity and supply demanded at this price? At price of $92, wil there be a shortage or surplus? What is the amount of this shortage or surplus?

  How does economic cost work

How does economic cost work? I know that economic cost: cost of resources used to produce a good, this includes opportunity cost. I don't understand how opportunity cost is included in that though, can someone give me an example?

  Taxes and consumer or producer surplus

Select a news article dated within the previous two months and analyze the issue using the economic concepts and theory learned in this class. Include at least one graph developed in our course. taxes and consumer or producer surplus

  Produces and sells a single product

Holdt Inc. produces and sells a single product. The selling price of the product is $110.00 per unit and its variable cost is $70 per unit. The fixed expense is $160,000 per month. The break-even sales (units) are:

  What is exclusive dealing and what is predatory pricing

What is exclusive dealing? How might it reduce competition, and when might it be acceptable? What is predatory pricing? How might it reduce competitive, and why might it be difficult to tell when it should be illegal? If public utilities are a natura..

  Explain the differences in how an open and closed economy

Explain the differences in how an open and closed economy is modeled including any policy (monetary and fiscal) implications for these two types of economies. Ins include a fully labeled model showing the impact of increased political instability for..

  Qthe manager of the aerospace division of general

q.the manager of the aerospace division of general aeronautics has estimated the price it can charge for providing

  Indicate the long-run post-subsidy situation in this market

Assume that the state government is interested in subsidizing the local production of steel. The current price of steel is $1600 per ton and the government wants to provide a subsidy of $100 per ton. In your diagram above, indicate the long-run post-..

  The economy is at the natural rate of unemployment

Starting from long-run equilibrium, graphically illustrate and explain what happens to the equilibrium price level, equilibrium level of real GDP and the unemployment rate in response to an increase in technology. Is it reasonable to conclude that th..

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