10. Question West side surf company Accrual basis information For the year ending 12/31/2021 Revenues 220,000.00...

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10. Question West side surf company Accrual basis information For the year ending 12/31/2021 Revenues 220,000.00 COGS (110,000.00) Salaries expense (60,000.00) Depreciation (5,000.00) Rent (20,000.00) Net Income 25,000.00 1.The company prepaid their $1,500 rent for January 2022 in December 2021. They also prepaid for $2,000 rent in December 2020 for January 2021. 2. The Company had $2,000 of accrued salaries at 12/31/2020 and had accrued salaries of $4,000 at 12/31/21. 3. The Company had accounts receivable of $2,000 at 12/31/2020 and $1,500 at 12/31/2021. 4. The Company had accounts payable of $8,000 at 12/31/2020 and $7,000 at 12/31/21. Fill out the following table related to reporting the cash basis income and corresponding information above: Accrual basis 1 Revenues 220,000 COGS (110,000) Salaries (60,000) Depreciation (5,000) Rent (20,000) Other Net income 25,000 2 3 4 Cash basis. 11. Explain the 2 main differences in accounting presentation for an other comprehensive income/loss item and a loss from discontinued operations 12. Describe the cost constraint and how it impacts the precision and accuracy of accounting. 13. Where must EPS be presented in the financial statements to satisfy generally accepted accounting principles? a. On the face of the statement of stockholders' equity b. In the footnotes to the financial statements C On the face of the income statement d. On the face of the balance sheet 10. Question West side surf company Accrual basis information For the year ending 12/31/2021 Revenues 220,000.00 COGS (110,000.00) Salaries expense (60,000.00) Depreciation (5,000.00) Rent (20,000.00) Net Income 25,000.00 1.The company prepaid their $1,500 rent for January 2022 in December 2021. They also prepaid for $2,000 rent in December 2020 for January 2021. 2. The Company had $2,000 of accrued salaries at 12/31/2020 and had accrued salaries of $4,000 at 12/31/21. 3. The Company had accounts receivable of $2,000 at 12/31/2020 and $1,500 at 12/31/2021. 4. The Company had accounts payable of $8,000 at 12/31/2020 and $7,000 at 12/31/21. Fill out the following table related to reporting the cash basis income and corresponding information above: Accrual basis 1 Revenues 220,000 COGS (110,000) Salaries (60,000) Depreciation (5,000) Rent (20,000) Other Net income 25,000 2 3 4 Cash basis. 11. Explain the 2 main differences in accounting presentation for an other comprehensive income/loss item and a loss from discontinued operations 12. Describe the cost constraint and how it impacts the precision and accuracy of accounting. 13. Where must EPS be presented in the financial statements to satisfy generally accepted accounting principles? a. On the face of the statement of stockholders' equity b. In the footnotes to the financial statements C On the face of the income statement d. On the face of the balance sheet