Access the Wiki Art Gallery (WAG) instructional case in Connect, and read the case in sufficient depth
Question:
WAG reported $140,000 in total revenues in 2011. What amount of cash did WAG collect in 2011 from its customers (artwork buyers and artists)?
A. $140,000.
B. $78,400.
C. $71,550.
D. $61,650.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 83% (6 reviews)
B 78 400 Total Revenues ...View the full answer
Answered By
Sufiyan Ahmed Tariq
I am a Chartered Accountant and an Associate Public & Finance Accountant. I also hold a bachelors of Commerce degree. I have over 8 years of experience in accounting, finance and auditing. Through out my career, I have worked with many leading multinational organisation.
I have helped a number of students in studies by teaching them key concepts of subjects like accounting, finance, corporate law and auditing. I help students understanding the complex situation by providing them daily life examples.
I can help you in the following subject / areas:
a) Accounting;
b) Finance;
c) Commerce;
d) Auditing; and
e) Corporate Law.
4.90+
7+ Reviews
17+ Question Solved
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025372
4th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
Question Posted:
Students also viewed these Managerial Accounting questions
-
Access the Wiki Art Gallery (WAG) instructional case in Connect and read the case in sufficient depth to answer the following. WAG reported $ 140,000 in total revenues in 2011. What amount of cash...
-
What amount of cash was paid to suppliers of inventory, assuming all accounts payable related to inventorypurchases? Ending Balance 2011 2012 Merchandise inventory 650,000 519,000 65,000 4,115,000...
-
Given the following information, what amount of cash was collected from customers in 2021? Assume all sales are on account. Ending Balance 2020 2021 Accounts receivable $ 600,000 $ 480,000 Sales...
-
Question 4: Partners M, N, and O agreed to share the net income or loss in the ratio of 5:4:3 respectively. Their capital balances were Rs.80, 000, Rs. 70, 000 and Rs. 60, 000. They decided that "O"...
-
Indicate whether each of the following would be added to or deducted from net income in determining net cash flow from operating activities by the indirect method: a. Decrease in accounts payable b....
-
The executive director of Mutt Rescue (MR) animal shelter has asked you to prepare an annual budget for the coming fiscal year as well as a flexible budget based on a 5 percent increase in the number...
-
It looks to me that you have devoted everything to this company and they have treated you badly. Is that right?
-
On January 2, 2013, Benson Hospital purchased a $100,000 special radiology scanner from Picard Inc. The scanner had a useful life of 4 years and was estimated to have no disposal value at the end of...
-
At a price of $340, Vurtego sold 1050 pogo sticks per year. After airing on Shark Tank, demand increased, and Vurtego sold 1950 pogo sticks the following year for $460 a unit. Using the mid-point...
-
Schweizer Distribution specializes in distributing fresh produce to local restaurants in the Chicago area. The company currently sells 12 different products through the efforts of three sales...
-
During a recent year (ended December 31, 2014), Nicole's Getaway Spa (NGS) reported net income of $2,300. The company reported the following activities: a. Increase in inventories of $400. b....
-
The comparative financial statements prepared at December 31, 2013, for Golden Corporation showed the following summarized data: Required: 1. Complete the two final columns shown beside each item in...
-
For 2012, Campbell Soup Company had pension expense of $73 million and contributed $71 million to the pension fund. Prepare Campbell Soup Companys journal entry to record pension expense and funding.
-
Explain what micro industry is and why it is important to acknowledge.
-
Standford Corporation makes two types of vaccination: flu vaccine and covid vaccine. Standford has hypothetical information for these two vaccines. Total Activity Activity Washing, Pressing, and...
-
0.85 mole/m. Determine the time when this concentration exceeds F CAI V V CA2 FIGURE 3.6 Two CSTRs in series. Information. The two systems are the liquid in each tank. The data is the same as in...
-
Write a descriptive note on the salient features and functions of foreign exchange market.
-
Suppose the marginal propensity to consume is 0.8. The government increases government spending and taxes by $10 billion. What happens to aggregate output demanded?
-
In what ways has technology had an impact on capacity planning? What are the upsides and the downsides?
-
Determine which of the following limits exist. Compute the limits that exist. lim x-0 1- + 3x X
-
Lakeside Indoor Tennis Club (LITC) sells a tennis membership for $2,400 per year, which entitles members to 50 free court bookings. The price for nonmembers is $40 per court booking. LITCs membership...
-
Andys Autobody Shop has the following balances at the beginning of September: Cash, $10,000; Accounts Receivable, $1,450; Equipment, $40,000; Accounts Payable, $2,000; Common Stock, $20,000; and...
-
Expedia and Priceline compete as online travel agencies. Historically, Expedia has focused more on flights, whereas Priceline has focused on hotel bookings. The following amounts were reported by the...
-
This problem presents a variation of the rancher-farmer example that we discussed in class. Suppose that a rancher faces a choice of how many cattle to put on his property. If he puts more than 21,...
-
Listen Jessica jogged 9km in an hour. She covered the last 4km at a speed that was 2k(m)/(h) slower than her speed in the first 5km. What was her speed over the first 5km ?
-
What strategies do you suggest for meeting the major challenges to intercultural communication in your life and profession?
Study smarter with the SolutionInn App