accounting, question

I need help how do you calculate a first year's net income under both the cash basis and the accrual basis of accounting?

  1. 👍
  2. 👎
  3. 👁

Respond to this Question

First Name

Your Response

Similar Questions

  1. Accounting

    Identify whether each of the following items would appear on the income statement (IS), statement of changes in stockholders’ equity (SE), balance sheet (BS), or statement of cash flows (CF). Some items may appear on more than

  2. financial management

    Last year Rattner Robotics had $5 million in operating income (EBIT). The company had net depreciation expense of $1 million and interest expense of $1 million; its corporate tax rate was 40 percent. The company has $14 million in

  3. College Math

    Brandywine Homecare, a not for hire business, had revenues of $12 million in 2011. Expenses other than depreciation totaled 75 percent of revenues, and depreciation expense was $1.5 million. All revenues were collected in cash

  4. finance

    Thelma and Louie's Inc started the year with a balance of retained earnings of $547 million and ended the ear with retained earnings of $594 million. The company paid dividends of $37 million to the preferred stockholders and $77

  1. Principles of Finance HELP!!!

    Problem 16-7. Pro forma income statement At the end of last year, Roberts Inc. reported the following income statement (in millions of dollars): Sales 3000 Operating costs excluding depreciation 2450 EBITDA 550 Depreciation 250

  2. accounting

    Total Assets Total Liabilities Beginning of the year $550,000 $215,000 End of the year 844,000 320,000 On the basis of the preceding data and the following additional information for the year, determine the net income (or loss) of

  3. accounts

    Part 1 During 2010, Raines Umbrella Corp. had sales of $850,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $610,000, $110,000 and $140,000, respectively. In addition, the company has

  4. Accounting Entry

    "Received $2000 from a client for financial services to be rendered next year." I am supposed to record the general journal entry for this. Would it be this: Cash $2000 A/R $2000 or what? This entry is for the last day of the

  1. accounting

    Valmont, Inc. experienced the following events in 2012, in its first year of operation. 1. Received $20,000 cash from the issue of common stock. 2. Performed services on account for $50,000. 3. Paid utility expense of $12,500. 4.

  2. Financial Accounting

    Calculate accounts receivable turnover ratio. Calculate accounts receivable turnover ratio. Selected information from Mystic Corporation’s balance sheet at December 31, 2010 and income statement for the year ended December 31,

  3. Accounting/math check my answers

    Sandhill’s shareholders’ equity consists only of common shares and retained earnings. Using the change in total shareholders’ equity calculated in above part, (50000) calculate the net income or loss for the year ended

  4. Accounting

    Sandhill’s shareholders’ equity consists only of common shares and retained earnings. Using the change in total shareholders’ equity calculated in above part, (50000) calculate the net income or loss for the year ended

You can view more similar questions or ask a new question.