User Account

All Pages

Services were to be provided for a one year term beginning

Assignment Help Accounting Basics
Reference no: EM13914916

Jackie received a $30,000 cash advance payment on June 1, 2013, for consulting services to be performed in the future. Services were to be provided for a one-year term beginning June 1, 2013.

Required: 

a. Record the June 1 cash receipt in T-accounts. 

b. Record in T-accounts the adjustment required as of December 31, 2013. c. Record the preceding transaction and related adjustment in a horizontal statements model like the following one:

747_264-B-A-D-E-F (95).png

d. Determine the amount of net income on the 2013 income statement. What is the amount of net cash flow from operating activities for 2013? 

e. What amount of liabilities would Jackie report on the 2013 balance sheet?

Reference no: EM13914916

Questions Cloud

Canadian firm is evaluating project-initial investment : A Canadian firm is evaluating a project in the United States. This project involves the establishment of a lumber mill in Wisconsin to process Canadian timber. The factory expects to service clients in the construction industry. All cash flow figures..
Does shelf position affect the average sales of the cereal : A resting week follows and the product is moved to another height ond so on for four different shelf positions. Does shelf position affect the average sales of the cereal could the type of atore possibly affect the averago salos of thn cereal
Who pays the majority of the tax, suppliers or demanders : Find the equilibrium price and quantity before and after the tax is implemented. Who pays the majority of the tax, suppliers or demanders? Explain why this makes economic sense.
Compare the risks for each company in the given situations : The company is concerned that customers who do not have tickets might be allowed on the plane. Compare the risks for each company in the situations just described and the internal control process.
Services were to be provided for a one year term beginning : Jackie received a $30,000 cash advance payment on June 1, 2013, for consulting services to be performed in the future. Services were to be provided for a one year term beginning June 1, 2013.
Compare the policy approaches of tsca and fifra : Contrast the Seattle per-can pricing program with Perkasie's bag-and-tag approach, both from an environmental and an economic perspective.
What is the maximum profit and loss for this position : An investor purchases a stock for $45 and a put for $.85 with a strike price of $41. The investor sells a call for $.85 with a strike price of $54. What is the maximum profit and loss for this position? (Loss amount should be indicated by a minus sig..
What stock price will investor break even on purchase call : An investor buys a call at a price of $4.80 with an exercise price of $43. At what stock price will the investor break even on the purchase of the call?
Explain what you would do in the given situations : Explain what you would do in the situations described below, and identify two internal control problems that exist in each situation.

Reviews

Write a Review

Accounting Basics Questions & Answers

  Production records show that there were 490 units in the

production records show that there were 490 units in the beginning inventory 30 complete 1540 units started and 1560

  Elliot page inc manufactures and sells two products

elliot page inc. manufactures and sells two products backpacks and purses. annual sales in units of each labor time per

  Nottaway flooring produces custom-made floor tiles the

nottaway flooring produces custom-made floor tiles. the companys raw material inventory account contains both direct

  Treatment on the bank reconciliation

If a check correctly written and paid by the bank for $428 is incorrectly recorded on the company's books for $482, the appropriate treatment on the bank reconciliation would be to:

  Basics of percentage-of-completion method

Indiana Co. began a construction project in 2006 that will provide it $150 million when it is completed in 2008. During 2006, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project. Using the..

  Bagodonuts company bought a used delievery truck on jan 1

bagodonuts company bought a used delievery truck on jan 1 2010 for 19200. the van was expected to remanin in service 4

  During 2013 rachael parkins president of mathieson company

during 2013 rachael parkins president of mathieson company was paid a semimonthly salary of 6800. compute the amount of

  How is the gross profit percentage computed

What is gross profit? How is the gross profit percentage computed? Illustrate its calculation and interpretation assuming Net Sales is $ 100,000 and Cost of Goods Sold is $ 60,000.

  Job no 636 was the only job in process on january 1 of the

cost flows and overhead applicationcleveland metals uses a job cost system and applies factory overhead to production

  Products alpha and beta are joint products the joint

products alpha and beta are joint products. the joint production cost of the products is 800. alpha has a market value

  On january 15 2011 paiges father died from her fathers

1.paige is employed as a nuclear engineer with atom systems consultants inc. asci. her annual salary is 70000. asci has

  Ashes and jimmy formed a partnership to practise accounting

ashes and jimmy formed a partnership to practise accounting. ashes invested his personal library in the firm. the

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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