Newman Consulting Company maintains its records on a cash basis. During 2011 the following cash flows were recorded: cash received from customers, $420,000; and cash paid for salaries, utilities, and advertising, $240,000, $35,000, and $12,000, respectively. You also determine that customers owed the company $52,000 and $60,000 at the beginning and end of the year, respectively, and that the company owed the utility company $6,000 and $4,000 at the beginning and end of the year, respectively. Determine accrual net income for the year.
Answer to relevant QuestionsThe following transactions occurred during March 2011 for the Wainwright Corporation. The company owns and operates a wholesale warehouse.1. Issued 30,000 shares of common stock in exchange for $300,000 in cash.2. Purchased ...Indicate whether a debit will increase (I) or decrease (D) each of the following accounts listed in items 1 through 16: Increase (I) or Decrease (D) Account 1. Inventory 2. Depreciation ...Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2011.Required:Prepare the necessary closing entries at December 31, 2011.Refer to Exercise 2–9 and respond to the following requirements.Required:1. If Microchip's accountant employed reversing entries for accruals, which adjusting entries would she likely reverse at the beginning of the ...Howarth Company's fiscal year-end is December 31. Below are the unadjusted and adjusted trial balances for December 31, 2011.Required:Prepare the adjusting journal entries that were made at December 31, 2011.
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