What is Beagles cash basis net income?
Beagle inc., a dog apparel merchandise company, was founded on January 1, 2009. the company made $180,000 in sales during its first year of operations, of which 5% were sales on account during December 2009 that remained unpaid at the end of the year. The company also paid $60,000 in operating expenses during the year and prepaid its $10,000 insurance bill for 2010 in December 2009. Additionally, beagle made the following adjusting entries on December 31, 2009:
-Recorded depreciation expense of $15,000
-Accrued Salaries Payable of $1,500 (the next payday is January 3, 2010)
-Transferred $4,000 of unearned revenue into the sales revenue account
What is beagles cash basis net income?
Please explain the problem when giving the answer. I tried to ask this before but rude people just kept telling me to do my own homework and stop cheating. Im not trying to cheat, i really need the help. ANSWER WITH EXPLANATION PLEASE.
Beagle inc., a dog apparel merchandise company, was founded on January 1, 2009. the company made $180,000 in sales during its first year of operations, of which 5% were sales on account during December 2009 that remained unpaid at the end of the year. The company also paid $60,000 in operating expenses during the year and prepaid its $10,000 insurance bill for 2010 in December 2009. Additionally, beagle made the following adjusting entries on December 31, 2009:
-Recorded depreciation expense of $15,000
-Accrued Salaries Payable of $1,500 (the next payday is January 3, 2010)
-Transferred $4,000 of unearned revenue into the sales revenue account
What is beagles cash basis net income?
Please explain the problem when giving the answer. I tried to ask this before but rude people just kept telling me to do my own homework and stop cheating. Im not trying to cheat, i really need the help. ANSWER WITH EXPLANATION PLEASE.