Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 24, 2024

Loeng Industries had the following transactions during 2020: Sales of 420,000 on account Collected 250,000 for services to be performed in 2021 Paid 158,000 cash

Loeng Industries had the following transactions during 2020: Sales of 420,000 on account Collected 250,000 for services to be performed in 2021 Paid 158,000 cash in salaries Purchased airline tickets for 35,000 in December for a trip to take place in 2021 What is Loengs 2020 net income using accrual accounting? a. 237,000 b. 262,000 c. 477,000 d. 512,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

Get Instant Access with AI-Powered 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

Students also viewed these Accounting questions

Question

The extraordinary point is Iceland. If we set it aside, the model looks like this Response variable is: Energy Use 2010 R squared = 88.6% s = 13.10 with 32 - 2 = 30 degrees of freedom Variable...

Answered: 1 week ago

Question

★★★★★

A partnership has assets of $210,000 and liabilities of $95,000. The capital information for the current partners is as follows: Given the above information, respond to each of the following...

Answered: 1 week ago

Question

★★★★★

5) Given the following KB: dogs like bones dogs eat everything they like Pasta is a dog Express it in Predicate Logic. Convert it to CNF Use the SLD resolution refutation with variable bindings to...

Answered: 1 week ago

Question

★★★★★

This is my code for intro to java programming problem 12.13 and i dont know how to fix this "12.13 (Count characters, words, and lines in a file) Write a program that will count the number of...

Answered: 1 week ago

Question

★★★★★

Compose a thoughtful response to the original post with a reference source and link, This week I'd like to dive into the company Amazon, and how they implement information systems for strategic...

Answered: 1 week ago

Question

★★★★★

Brief the following case by using FILAR for structure and discuss the legal rules that applied to each issue and the reasons for the decision. Wright v. McArthur, 2005 BCSC 1797 case in a document...

Answered: 1 week ago

Question

★★★★★

9. A dual cycle operates with an air intake of 1 bar and 50C. The compression ratio is 15:1 and the maximum pressures and temperatures reached in the cycle are 75 bar and 2200C. (a) Sketch a p-V and...

Answered: 1 week ago

Question

★★★★★

From 1634 to 1637 CE, tulips in the Dutch Republic sold for extraordinarily high prices, sometimes as much as 10 times the annual wage of a skilled worker, in a phenomenon known as tulip mania. Some...

Answered: 1 week ago

Question

★★★★★

Required: Compute the following: ( 1 ) current ratio, ( 2 ) acid - test ratio, ( 3 ) days' sales uncollected, ( 4 ) inventory turnover, ( 5 ) days' sales in inventory, ( 6 ) debt - to - equity ratio,...

Answered: 1 week ago

Previous Question Next Question