Question
Swifty Corporation had the following transactions during 2022: Sales of $8600 on account Collected $4900 for services to be performed in 2023 Paid $3500 cash
Swifty Corporation had the following transactions during 2022: Sales of $8600 on account Collected $4900 for services to be performed in 2023 Paid $3500 cash in salaries for 2022 Purchased airline tickets for $580 in December for a trip to take place in 2023 What is Swifty's 2022 net income using accrual accounting?
$5100
$10580
$5680
$10000
Blue Spruce Corp. received a check for $23400 on July 1, which represents a 6-month advance payment of rent on a building it rents to a client. Unearned Rent Revenue was increased for the full $23400. Financial statements will be prepared on July 31. Blue Spruce'sshould make the following adjustment on July 31:
decrease Unearned Rent Revenue, $23400; increase Rent Revenue, $23400.
decrease Rent Revenue, $3900; increase Unearned Rent Revenue, $3900.
increase Cash, $23400; increase Rent Revenue, $23400.
decrease Unearned Rent Revenue, $3900; increase Rent Revenue, $3900.
If Prepaid Insurance has an $92 unadjusted balance at December 31, 2022 and the insurance still unexpired amounted to $20, the year-end adjustment would contain a(n):
increase to Prepaid Insurance for $20.
increase to Prepaid Insurance for $72.
decrease to Prepaid Insurance for $20.
increase to Insurance Expense for $72.
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