Question: Rebel Technology maintains its records using cash basis accounting During the
Rebel Technology maintains its records using cash-basis accounting. During the year, the company received cash from customers, $50,000, and paid cash for salaries, $21,900. At the beginning of the year, customers owe Rebel $1,100. By the end of the year, customers owe $8,000. At the beginning of the year, Rebel owes salaries of $7,000. At the end of the year, Rebel owes salaries of $4,000. Determine cash-basis net income and accrual-basis net income for the year.
Relevant QuestionsAt the beginning of May, Golden Gopher Company reports a balance in Supplies of $500. On May 15, Golden Gopher purchases an additional $3,300 of supplies for cash. By the end of May, only $300 of supplies remains. (1) Record ...Fighting Irish Incorporated pays its employees $5,600 every two weeks ($400/day). The current two-week pay period ends on December 28, 2015, and employees are paid $5,600. The next two-week pay period ends on January 11, ...The following account balances appear in the 2015 adjusted trial balance of Blue Devils Corporation: Cash, $5,000; Accounts Receivable, $9,000; Supplies, $19,000; Equipment, $120,000; Accumulated Depreciation, $45,000; ...Consider the following situations for Shocker:a. On November 28, 2015, Shocker receives a $4,500 payment from a customer for services to be rendered evenly over the next three months. Unearned Revenue is credited. b. On ...Refer to the adjusted trial balance in E3–16.In E3–16, The December 31, 2015, adjusted trial balance for Fightin’ Blue Hens Corporation is presented below.Required: 1. Record the necessary closing entries at December ...
Post your question