Business, 10.10.2021 08:40 beautycutieforever10

Raylan received a $53,000 cash advance payment on June 1, Year 1, for consulting services to be performed in the future. Services were to be provided for a one-year term beginning June 1, Year 1. Required
a. & b. Record the June 1 cash receipt in T-accounts and the adjustment required as of December 31, Year 1.
c. Show the preceding transaction and related adjustment in a horizontal statements model.
d1. Determine the amount of net income on the Year 1 income statement.
d2. What is the amount of net cash flow from operating activities for Year 1?
e. What amount of liabilities would Raylan report on the Year 1 balance sheet?

Answers: 3

Show answers

Another question on Business

Business, 21.06.2019 19:40

Prairie, inc. produces one single product. it has an annual capacity of 10,000 units, but currently uses only 80% of it. each unit is sold for $50 and requires direct material worth $30 and direct labor worth $5. manufacturing overhead cost is $10 per unit of which 70% is variable. should a special order to sell 1,000 units at $44 be accepted? yes no

Answers: 2

Answer

Business, 21.06.2019 20:40

Balances for each of the following accounts appear in an adjusted trial balance. identify each as an asset, liability, revenue, or expense. 1. accounts receivable 2. equipment 3. fees earned 4. insurance expense 5. prepaid advertising 6. prepaid rent 7. rent revenue 8. salary expense 9. salary payable 10. supplies 11. supplies expense 12. unearned rent

Answers: 3

Answer

Business, 22.06.2019 13:30

After successfully completing your corporate finance class, you feel the next challenge ahead is to serve on the board of directors of schenkel enterprises. unfortunately, you will be the only person voting for you. the company has 375,000 shares outstanding, and the stock currently sells for $40, if there are four seats in the current election, how much will it cost you to buy a seat?

Answers: 2

Answer

Business, 22.06.2019 14:30

United continental holdings, inc., (ual), operates passenger service throughout the world. the following data (in millions) were adapted from a recent financial statement of united. sales (revenue) $38,901 average property, plant, and equipment 17,219 average intangible assets 8,883 1. compute the asset turnover. round your answer to two decimal places.

Answers: 2

Answer

You know the right answer?

Raylan received a $53,000 cash advance payment on June 1, Year 1, for consulting services to be perf...

Questions