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1. Classify each of the subsequent events as either, a revenue, expense or neither. You should also describe why it is classified as a revenue, expense or neither.a. Spencer provides services to a client. The client had agreed up front that they would provide Spencer capital stock in lieu of cash for his service.b. Spencer provides $800 in services to client and sends client the bill.c. Spencer receives utility bill for electricity in the maild. Spencer transfers $100 to his personal checking accounte. Spencer receives water bill and pays it instantly with a checkf. Spencer hires a student to run errands for the business. The student has worked last two weeks, with today being the end of pay period.g. Spencer gives $500 in services to a client who pays in cash.
2. Bowen Company made sales of $200,000 to customers of which it received $140,000 in cash. Bowen incurred $120,000 in operating expense, of which it paid $90,000 in cash.a. Demonstrate how the accrual basis net income is derivedb. Demonstrate how the cash basis net income is derivedc. Suppose that while $200,000 of sales above were billed to customer in Year 1, customers remitted payments for $120,000 in Year 2. During which Year would revenues be reported on Income Statement under, first, the accrual basis, and second the cash basis?
Prepare an incremental analysis in good form to evaluate the incremental effect on profit of discontinuing the snail extraction tool line.
NFP's flexible budget allows how many kg's of inputs for the most current operating period
Create a differential analysis report, dated 19 th June, 2012, for the make-or-buy decision.
Find ending finished-goods inventory cost under absorption costing and evaluate the ending finished-goods inventory cost under variable costing?
Assume that both X and Y are well-diversified portfolios and the risk-free rate is 8%. In this situation, you would conclude that portfolios X and Y.
In a recent year Dillon Corporation had net income of $130,000, interest expense of $20,000, and tax expense of $30,000. What was Dillon Corporation's times interest earned ratio for the year?
Evaluate the predetermined overhead rate used during the year in the Research and Documents Department. Find the rate used in the Litigation Department.
Preparation of collection forecast form sales - Find the collection forecast for June?
Determine the investment’s net present value, the internal rate of return and payback period. All key assumptions should be specified and explained.
Prepare an income statement for the year ended December 31, 2007, which includes amounts for gross profit, income before income taxes, and net income.
How much loss or gain must F identify in this exchange, and what are his bases in the land and automobile received and how much gain or loss must G identify in this exchange, and what is her basis in the land received.?
How much advertising expense could be allocated to each department and Make the required journal entries to record the above transactions and events.
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