Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on May 30, 2024

Nash's Trading Post, LLC had the following transactions during 2024: Sales of $7990 on account Collected $3550 for services to be performed in 2025

Nash's Trading Post, LLC had the following transactions during 2024: Sales of $7990 on account Collected $3550 for services to be performed in 2025 Paid $1920 cash in salaries Purchased airline tickets for $440 cash in December for a trip to take place in 2025 What is Nash's 2024 net income using cash basis accounting? O $1190 O $9620 O $2080 O $1630

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

Recommended Textbook for

Principles of Accounting

Authors: Belverd Needles, Marian Powers, Susan Crosson

10th edition

618736611, 978-1111809508, 111180950X, 978-0618736614

More Books

Students also viewed these Accounting questions

Question

★★★★★

A small ice block of mass m starts from rest from the top of an inverted bowl in the shape of a hemisphere, as shown in the figure. The hemisphere is fixed to the ground, and the block slides without...

Answered: 1 week ago

Question

★★★★★

A 5.00-H inductor with negligible resistance is connected across the ac source of Exercise 31.4. Find the current amplitude when the angular frequency is (a) 100 rad/s; (b) 1000 rad/s; (c) 10,000...

Answered: 1 week ago

Question

★★★★★

A 50-mH inductor is connected across a 10-V rms AC generator, and a 2.0-mA rms current flows. Whats the generator frequency?

Answered: 1 week ago

Question

★★★★★

1.15 Education Attainment, continued The educational attainment of the Aboriginal population in Canada, aged 25-64, for the years 2001 and 1996 is displayed in two bar charts (stacked), respectively....

Answered: 1 week ago

Question

★★★★★

The Sarbanes Oxley Act of 2002 (SOX) has important implications for the financial community. Explain two implications of SOX.

Answered: 1 week ago

Question

★★★★★

TRUE/FALSE A. A stock's total return is realized from two principal sources, its dividend yield and any gain from the increase in its selling price over the original purchase price of the stock. B....

Answered: 1 week ago

Question

★★★★★

1. Based on the forecasts above, use the spreadsheet below to construct a pro forma income statement for Idexo over the next five years. What is the annual growth rate of the firm's net income over...

Answered: 1 week ago

Question

★★★★★

I need help to understand this part of the question? Which is part 4 Required information ['1' he following information applies to the questions displayed below ] During April. the rst production...

Answered: 1 week ago

Question

★★★★★

Bill Gate Company incurred costs for materials and conversion in the amount of P 45,000 and P 4,860 respectively. As of the same date, the work in process inventory in units of P 6,000 is 40%...

Answered: 1 week ago

Question

★★★★★

Budget cash receipts for the months of January, February, and March. Budgeted sales, all on account: November $ 65,000 December January February March 60,000 82,000 70,000 90,000 Collection of...

Answered: 1 week ago

Question

★★★★★

Given the following encoding rule for each letter: n 010 110 k 101 Suppose Alice want to encrypt and send "ok" (110 101)_to Bob using a one-time pad 101 111, so Bob will get the ciphertext as 011...

Answered: 1 week ago

Question

★★★★★

1.The standard price per unit is; Material 6 kg @Rp750; Labor 10 Hours @Rp480; BOP on the basis of 70% of Working Hours with a rate per working hour @Rp250 for variable BOP and fixed BOP budgeted is...

Answered: 1 week ago

Question

★★★★★

Developer Company is constructing a 2-Tower residential condominium. Tower 1 sells 20 units while tower 2 sells 30 units. Both towers will share in the common amenities and occupy the same land area....

Answered: 1 week ago

Question

★★★★★

Please do in excel!! Kellman Corporation sells a product for $18 per unit, and the standard cost card for the product shows the following costs: Kellman received a special order for 1,000 units of...

Answered: 1 week ago

Question

★★★★★

Government is advised to tax goods whose demand curves are inelastic if the goal is to raise tax revenues. If the goal is to discourage consumption, then it ought to tax goods whose demand curves are...

Answered: 1 week ago

Question

★★★★★

View the movie Witness with Harrison Ford and Alexander Goodenough. This movie portrays how a group of people work effectively together in constructing a building. What strategies can you take from...

Answered: 1 week ago

Question

★★★★★

Listen to the song Revolution by the Beatles (Lennon & McCarthy, 1968). Why would some people prefer a quicker, revolutionary approach to change? (See Web site:...

Answered: 1 week ago

Question

★★★★★

Use a personality inventory such as the Myers-Brigg to identify your individual personality style. Discuss how the results affect your ability to communicate and to resolve and grow from conflict.

Answered: 1 week ago

Previous Question Next Question