Business, 18.02.2020 23:16 IHeartArt2555
In its first year of operations, Sunland Company recognized $30,000 in service revenue, $8,100 of which was on account and still outstanding at year-end. The remaining $21,900 was received in cash from customers. The company incurred operating expenses of $18,600. Of these expenses, $12,880 were paid in cash; $5,720 was still owed on account at year-end. In addition, Sunland prepaid $3,270 for insurance coverage that would not be used until the second year of operations. A) Calculate the first year’s net earnings under the cash basis of accounting, and accrual basis of accounting. Cash Basis Accrual BasisNet Income $ $B) Which basis of accounting (cash or accrual) provides more useful information for decision-makers?
Answers: 1
Business, 22.06.2019 01:20, Becky81
Which of the following statements concerning an organization's strategy is true? a. cost accountants formulate strategy in an organization since they have more inputs about costs. b. businesses usually follow one of two broad strategies: offering a quality product at a high price, or offering a unique product or service priced lower than the competition. c. a good strategy will always overcome poor implementation. d. strategy specifies how an organization matches its own capabilities with the opportunities in the marketplace to accomplish its objectives.
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Business, 22.06.2019 08:30, dezmondpowell
Which of the following is an example of search costs? a.) driving to a faraway place to find available goods b.) buying goods in some special way that is outside the normal channels c.) paying a premium cost for goods d.) selling extra goods for a discount price
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Business, 23.06.2019 01:30, RKennedy3654
Which of the following is considered part of a country’s infrastructure?
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In its first year of operations, Sunland Company recognized $30,000 in service revenue, $8,100 of wh...
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