Burris Industries collected $140,000 from customer in 2017. Of the amount collected $30,000 was for services performed

Fantastic news! We've Found the answer you've been seeking!

Question:

Burris Industries collected $140,000 from customer in 2017. Of the amount collected $30,000 was for services performed in 2013. In addition, Burris performed services worth $47,000 in 2017, which will not be collected until 2018.

Burris industries also paid $110,000 for expenses in 2014. Of the amount paid, $30,000 was for expenses incurred on account in 2016. In addition, Burris incurred $44,000 of expenses in 2017, which will not be paid until 2018.

Instructions

(a) compute 2014 cash basis net income

(b) compute 2014 accrual basis net income

Posted Date: Oct 12, 2021 07:43 AM

See More Questions

Net income was $504,840 in 2013, $456,960 in 2014, and $516,810 in 2015. What is the percentage of change from? (a) 2013 to 2014 (b) 2014 to 2015? Is the change an increase or a decrease?
On 28 May 2013 $20 000 cash was stolen from Ming Lee Ltd's night safe. Explain how Ming Lee should account for this event, justifying your answer by reference to relevant Conceptual Framework...
During 2014, Nebraska Wheat Company had operating expenses of $83,500 and income tax expenses of $13,000. Depreciation expense of $20,000 for 2014 was included in operating expenses. The ending...
"If nominal GDP rises, velocity must rise." Is this statement true, false, or uncertain? Explain your answer.
A certain process has an upper specification limit of 220 and a lower specification limit of 160. The process standard deviation is 6, and the mean is 170. a. Calculate Cp and Cpk for this process....
Harmsen Maintenance Corporation was organized in early 2012 with 60,000 shares of no-par common stock authorized. During 2012, the following transactions occurred: a. Issued 31,000 shares of stock at...
Suppose the lease in Example 24.6 is a non-tax lease. Would it be attractive for Emory in this case?
The names of the employees of Matson Office Systems and their regular salaries are shown in the following payroll register. Note that Wayne and Young are paid monthly on the last payday, while all...
1. In figure, two identical particles each of mass m are tied together with an inextensible string. This is pulled at its centre with a constant force F. If the whole system lies on a smooth...
The bonding strength of an adhesive has been studied as a function of temperature (T) in C and pressure (P) as kg/cm. Data obtained are given. 30 74 Pressure 120 140 Temperature 168 90 30 138 104 90...
Jackson is 28 and his wife joan is 27. They have two children, one three years old and the other seven years old. on march 29 of this year joan gave birth to a daughter,who died the next day. Jackson...
Generally, sales tax revenues should be recognized by a local government in the period a. in which the local government receives the cash. b. that the underlying sale occurs, whether or not the local...
Which of the following statements is true concerning the accounting and financial reporting for capital leases in governmental funds? a. Governmental entities apply essentially the same criteria as...
A governmental (expendable) fund accounting entity a. is often useful in accounting for general government activities but is optional (expendable). b. includes only financial assets and related...
A county had borrowed $18,000,000 to finance construction of a general government capital project. The debt will be serviced from collections of a special assessment levy made for the project. The...
The monthly remittance to an insurance company of the lump sum of hospital-surgical insurance premiums collected as payroll deductions from employees should be recorded in a. the General Fund. b. an...
Research is a process of discovering new knowledge. In the Code of Federal Regulations (45 CFR 46.102(d)) pertaining to the protection ofhuman subjects,research is defined as:...
For the next several days, take notes on your listening performance during at least a half-dozen situations in class, during social activities, and at work, if applicable. Referring to the traits of...
Economy Appliance Co. manufactures lowprice, no-frills appliances that are in great demand for rental units. Pricing and cost information on Economys main products are as shown on page 943. Customers...
Van Hatten Consolidated has three operating divisions: DeMent Publishing Division, Ankiel Securities Division, and Depp Advisory Division. Each division maintains its own accounting system. DeMent...
Hui Hardware takes pride as the shop around the corner that can compete with the big-box home improvement stores by providing good service from knowledgeable sales associates (many of whom are...

Burris Industries collected $140,000 from customer in 2017. Of the amount collected $30,000 was for services performed

Question:

Expert Answer:

a Computation of Cash Basis Net Income in 2017 Cash Basis Net Income in 2017 Total Cash Received in ... View the full answer

Students also viewed these accounting questions