In its first year of operations, Crane Company recognized $31,700 in service revenue, $7,700 of which was on account and stil outstanding at year-end. The remaining $24,000 was received in cash from customers. The company incurred operating expenses of $16,600, of these expenses, $12,690 were paid in cash; $3,910 was stil owed on account at year-end. In addtion, Crane prepaid $3,260 for insurance coverage thet would not be used until the second year of cperations (a) Calcuate the first year's net earnings under the cash basis of accounting, and caleulate the irst years net earnings under the accrual basis of accouriting (b) which basis of accounting (cash or accrual) provides more useful information for decision-makers?

The uno company was formed on january 2, year 1, to sell a single product. over a 2-year period, uno’s acquisition costs have increased steadily. physical quantities held in inventory were equal to 3 months’ sales at december 31, year 1, and zero at december 31, year 2. assuming the periodic inventory system, the inventory cost method which reports the highest amount for each of the following is inventory december 31, year 1/ cost of sales year 2 a: lifo fifo b: lifo lifo c: fifo fifo d: fifo lifo

Emil motycka is considered an entrepreneur because

Transactions that affect earnings do not necessarily affect cash. identify the effect, if any, that each of the following transactions would have upon cash and net income. the first transaction has been completed as an example. (if an amount reduces the account balance then enter with negative sign preceding the number e.g. -15,000 or parentheses e.g. (15, cash net income (a) purchased $120 of supplies for cash. –$120 $0 (b) recorded an adjustment to record use of $35 of the above supplies. (c) made sales of $1,370, all on account. (d) received $700 from customers in payment of their accounts. (e) purchased equipment for cash, $2,450. (f) recorded depreciation of building for period used, $740. click if you would like to show work for this question: open show work