Question
The following information is also available with respect to the company operations during the year 2023: 1.Collected $276,000 cash for consulting revenue earned. 2.Paid $167,000
The following information is also available with respect to the company operations during the year 2023:
1.Collected $276,000 cash for consulting revenue earned.
2.Paid $167,000 salaries expense; $48,000 rent expense; and $11,000 office expense.
3.Purchase equipment for $150,000 cash.
4.At December 31, the following adjustments were required:
a.Depreciation on the equipment, $15,000.
b.Consulting revenue earned but not yet invoiced, $25,000
c.Accrued salaries expense, $4,500
d.Income tax rate, 15%.No instalments were paid during the year.
5.Northwestern has elected to prepare its financial statements under ASPE.
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