Parri Corp. has following transactions during July: a. Common stock of $4,000 was issued to a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Parri Corp. has following transactions during July: a. Common stock of $4,000 was issued to a stockholder in exchange for equipment. b. Provided services of $9,000. Received $7,150 and billed client for the rest. c. Performed $6,400 of services which had been previously paid for by client in June. d. Received July's electric bill of $800; will pay in August. e. Traded $2,000 of inventory for printing equipment. f. Paid $6,000 covering the next six months of rent (July - December). How much net income would Parri report for July under the ACCRUAL basis? Parri Corp. has following transactions during July: a. Common stock of $4,000 was issued to a stockholder in exchange for equipment. b. Provided services of $9,000. Received $7,150 and billed client for the rest. c. Performed $6,400 of services which had been previously paid for by client in June. d. Received July's electric bill of $800; will pay in August. e. Traded $2,000 of inventory for printing equipment. f. Paid $6,000 covering the next six months of rent (July - December). How much net income would Parri report for July under the ACCRUAL basis?
Expert Answer:
Answer rating: 100% (QA)
SOLUTION To calculate the net income for July under the accrual basis we need to recognize revenue w... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-1119392132
3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
Students also viewed these accounting questions
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
On July 1, 2021, Cromartie Furniture established a $150 petty cash fund. A check for $150 was made out to the petty cash custodian. During July, the petty cash custodian paid the following bills from...
-
How can a layer fold and boudinage (extend) at the same time?
-
Table 6.8 shows investment and projected income in euros for Flanel's new perfume factory. Forecast cash flows and calculate NPV. The nominal cost of capital in euros is 11 percent. 2 3 6. 1. Capital...
-
Go to the U.S. Debt Clock website to see the dizzying array of real-time estimates of debt. This website was created by an individual who wanted to alert people to the amount of debt in the United...
-
Which journal entry records obtaining a bank loan of $15,000? DATE ACCOUNTS POST REF. DR. CR. a. Notes Payable 15,000 Accounts Receivable 15,000 b. Notes Payable Cash 15,000 15,000 C. Cash Notes...
-
Government economic data reveals that young adults, not middle-aged or older adults, are having the most difficult time in todays economy. Although the nations labor market shows a decline in the...
-
Determine the total cost pool for the DIET AIDS department after allocating the costs from the support departments using the step method Determine the total cost pool for the DIET AIDS department...
-
3. Write a memo Shelby Cobb and Alexis Hinojosa, the two supervisors to whom you report, have asked you to compose a draft memorandum for their joint signatures. Recently there has been a flurry of...
-
What is the average labor utilization? a) 77.78% b) 62.5% c) 25% d) 33.33%
-
An industrial firm needs a $40,000 piece of machinery that has a useful life of 5 years. Knowing that the machine will have to be replaced every 5 years, the firm has the option of leasing a machine...
-
Calculate the area between the following two functions: 0=2^2 0=^22+8 Where TR = total revenue of the business C = total cost of the business Q = units of output
-
A small factory has only 3 work stations in a line layout according to the process A B C. Capacity and OEE on these work stations are in the table below. The factory is operated 7 hours per day, 5...
-
Contrast two or three key economic factors for each country with the U.S. economy, and comment. For example, if per capita GDP is significantly lower in the selected countries than in the United...
-
6. Explain the term parameter. Write some code that demonstrates a simple of use of a parameter. You should show a procedure or function that uses a parameter, and how you would call that procedure...
-
1. Under what conditions would the decision have been made to evacuate the venue fully or partially rather than implement shelter in place? 2. What were the first priorities of the command group...
-
Prove that the mean heat capacities C P H and C P S are inherently positive, whether T > T 0 or T < T 0 . Explain why they are well defined for T = T 0 .
-
Whitegloves Janitorial Service was started 2 years ago by Lynn Sanders. Because business has been exceptionally good, Lynn decided on July 1, 2020, to expand operations by acquiring an additional...
-
Rey Custom Electronics (RCE) sells and installs complete security, computer, audio, and video systems for homes. On newly constructed homes it provides bids using time-and-material pricing. The...
-
Presented below is information for Furlow Company for the month of March 2020. Cost of goods sold $212,000 Rent expense ........................................................ $ 32,000 Freight-out...
-
The heat of vaporization of ether is \(25.98 \mathrm{~kJ} / \mathrm{mol}\) at its boiling point, \(34.5^{\circ} \mathrm{C}\). (a) Calculate the rate of change of vapour pressure with temperature...
-
Show that the internal energy of an ideal gas is a function only of temperature.
-
For a gas obeying the equation of state \(V=B+\frac{R T}{P}\), the Joule-Thomson coefficient is given by \[ \mu_{\mathrm{JT}}=-\frac{1}{C_{P}}\left(T \frac{d B}{d T}-B ight) \]
Study smarter with the SolutionInn App