Question: show work please show all work please Use the following to answer questions 1 - 4 The company's computer system was damaged before preparing the

show work please show all work please Use the following to answershow work please questions 1 - 4 The company's computer system was damaged before preparingshow all work please

Use the following to answer questions 1 - 4 The company's computer system was damaged before preparing the financial statements. The company was able to get the following information pieced together. The company wants to know total revenue and total supplies expense for the period. For simplicity, we assume only one expense account (salaries). Cash received from customers Cash paid for salaries Accounts receivable (beginning balance) Accounts receivable (ending balance) Salaries payable (beginning balance) Salaries payable (ending balance) $425,000 290,000 32,000 45,000 8,000 3,000 All sales are on account. Salaries are recorded before they are paid. CREATE A T-ACCOUNT FOR ACCOUNTS RECEIVABLE AND SALARIES PAYABLE TO HELP ANSWER #1 &2. 1. Determine the amount of accrual basis revenue earned during the year: $ 2. Determine the amount for accrual basis salaries expense for the year: $ Use the following to answer 7-8 Following is a February transaction for a company. Calculate the amount of revenue to recognize in February. In February the company received $30,000 cash from customers for services; $20,000 was provided this month and $10,000 is to be provided next month 7. 8. Accrual basis revenue: $. Cash basis revenue: $

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!