Question
4. Selected transactional data of a business are summarized below. Cash received from cash customers for services performed in August 108,000 Service fees charged to
4. Selected transactional data of a business are summarized below. Cash received from cash customers for services performed in August 108,000 Service fees charged to customers on account during August 287,000 Cash received from customers on account in August: 65,000 Services performed and charged to customers prior to August Services performed and charged to customers during August Expenses incurred and paid in August 42,000 122,800 Expenses incurred in August but not paid in August 151,000 Expenses incurred prior to August and paid in August 78,700 Expenses for supplies used & insurance applicable to August (not included above) 12,500 Determine the following amounts for August: (30 pts) HINT: the amounts can be revenue or expense under both methods, depending on the description of the transaction. Total revenue Total expense Net Income/(Loss) Accrual Basis accounting Cash Basis accounting
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started