Business, 22.09.2020 23:01 lacyfigueroa
Listed below are several transactions that took place during the first two years of operations for the law firm of Pete, Pete, and Roy.
Year 1 Year 2
Amounts billed to clients for services rendered $ 180,000 $ 230,000
Cash collected from clients 155,000 185,000
Cash disbursements Salaries paid to employees for services rendered during the year 85,000 95,000
Utilities 27,500 35,000
Purchase of insurance policy 58,500 0
In addition, you learn that the firm incurred utility costs of $32,500 in year 1, that there were no liabilities at the end of year 2, no anticipated bad debts on receivables, and that the insurance policy covers a three-year period.
Required:
1. Calculate the net operating cash flow for years 1 and 2 and determine the amount of receivables from clients that the firm would show in its year 1 and year 2 balance sheets prepared according to the accrual accounting model.
2. Prepare an income statement for each year according to the accrual accounting model.
Answers: 3
Business, 22.06.2019 01:10
Suppose someone wants to sell a piece of land for cash. the selling of a piece of land represents turning econ
Answers: 3
Business, 22.06.2019 16:30
Which of the following has the largest impact on opportunity cost
Answers: 2
Business, 23.06.2019 01:50
The de mesa family will soon be occupying their newly renovated house. however, the bathroom measuring 10ft. by 16 ft. still needs to be covered by tiles. if the tile that they desire measures 2/5 ft by 2/5 ft., how many tiles will they need to cover the bathroom floor?
Answers: 3
Business, 23.06.2019 02:00
Which of the following describes a situation of scarcity? a. someone offers free advice about getting into college. b. someone distributes free bottles of water at the beach. c. a child charges friends for a ride on his new bike. d. a person lets the kids in the neighborhood use his pool.
Answers: 1
Listed below are several transactions that took place during the first two years of operations for t...
Biology, 04.07.2019 04:00
Biology, 04.07.2019 04:00
History, 04.07.2019 04:00
History, 04.07.2019 04:10
Health, 04.07.2019 04:10