Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a. The company recelved a bill for $3,500 of electricity and other utility services used in December 2018, but recorded it only when pald January
a. The company recelved a bill for $3,500 of electricity and other utility services used in December 2018, but recorded it only when pald January 2019. b. A customer's $20,500 payment was received and included as service revenue on January 22018even though was for services performed in December 2017 c The company ordered $10.500 of supplies in December 2018, but only recorded them when they were received, used, and paid for in January 2019 d. The company did not record December 2016 salaries of \$41,000 until the employees were paid on January 2Salaries for December 2017 and December 2018 were recorded in the proper years
Foto CULLIVE HIS Gre piese VIVW TULLUTURILE LUPULGUR COMMONPLACE CORPORATION (Partial) income Statements For the Years Ended December 31 2015 Service Revenue Utilities Expense Salaries and Wages Expense Rent, Insurance, and Supplies Expense Depreciation and Anortization Expense Income before Incone Tax Expense $716,000 31,000 416,000 174,000 22,500 $ 72,5ea 2017 $741,000 29,50e 471,000 158,500 9,500 $ 72,500 The company's manager provides the following additional information: a. The company received a bill for $3,500 of electricity and other utility services used in December 2018, but recorded it only when paid in January 2019, b. A customer's $20,500 payment was received and included as service revenue on January 2, 2018, even though it was for services c. The company ordered $10,500 of supplies in December 2018, but only recorded them when they were received, used, and paid for in January 2019 d. The company did not record December 2016 salaries of $41,000 until the employees were paid on January 2, 2017. Salaries for December 2017 and December 2018 were recorded in the proper years 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