Consider the following information.
1. Service Revenue for the year = $80,000. Of this amount, $70,000 is collected during the year and $10,000 is expected to be collected next year.
2. Salaries Expense for the year = $40,000. Of this amount, $35,000 is paid during the year and $5,000 is expected to be paid next year.
3. Advertising Expense for the year = $10,000. All of this amount is paid during the year.
4 Supplies Expense for the year = $4,000. No supplies were purchased during the year.
5. Utilities Expense for the year = $12,000. Of this amount, $11,000 is paid during the year and $1,000 is expected to be paid next year.
6. Cash collected in advance from customers for services to be provided next year (Unearned Revenue) = $2,000.
Calculate operating cash flows. (List deductible values as negative amounts)
Calculate net income. (List deductible values as negtive amounts)
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Consider the following information. 1. Service Revenue for the year = $80,000. Of this amount, $70,000 is collected during the year and ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
What is the cost-benefit?
Answers (1)
True or false. the emotional needs of human infants are as important as their physical needs
Answers (2)
Munoz Airline Company is considering expanding its territory. The company has the opportunity to purchase one of two different used airplanes.
Answers (1)
Indicate whether the statement is true or false:The Whirlybird Vacuum Cleaner Company has a field sales team of 1,000 that goes door-to-door giving in-home demonstrations of the company's products.
Answers (1)
What are capital goods? a. Not used in factories b. Low-dollar, multiple purchases c. High-dollar, infrequent purchases d. Short-lived e. Items which go directly into the final product
Answers (1)
New Questions in Business
In the business ontology model, the highest-ranking corporate officer in charge of the total management of an organization is the:This task contains the radio buttons and checkboxes for options.
Answers (1)
Most job openings in the next few years will A. be accessible through an apprenticeship. B. be in newly created jobs. C. be accessible without any post-secondary education or training. D. be open from millennials retiring. Picked a random subject
Answers (2)
The company purchases equipment with cash - The Equity account does the following: Question options: A. Increases B. Decreases C. No effect
Answers (1)
Galaxy Products is comparing two different capital structures, an all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, the company would have 112,000 shares of stock outstanding.
Answers (1)
The per-unit standards for direct labor are 1.5 direct labor hours at $15 per hour. If in producing 2500 units, the actual direct labor cost was $48825 for 3150 direct labor hours worked, the total direct labor variance is $4275 unfavorable.
Answers (1)