Comparing the income statement and the statement of cash, Ask an Expert

Accounting

Comparing the Income Statement and the Statement of Cash Flows

On January 1, Campus Internet Connection opened for business across the street from Upper Eastern University. The company charges students a monthly fee of $20 and $1 for each hour they are online. During January, 500 students signed up for the service, and each will have until the fifth of the following month to pay the monthly fee. By the end of January, 200 students had paid the monthly fee. Student usage, payable at the time connected, was 3,000 hours during Jan- uary. Assume that Campus uses the accrual basis of accounting.

Required

1. Prepare the Revenues section of Campus's income statement for the month of January.

2. Prepare the Cash Receipts section of Campus's statement of cash flows for the month of January.

3. In addition to the Cash account, what other account will appear on Campus's balance sheet at the end of January? What amount will be in this account?

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91624995

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - sweet corporation had net sales of 2429800 and

Question - Sweet Corporation had net sales of $2,429,800 and interest revenue of $40,500 during 2017. Expenses for 2017 were cost of goods sold $1,452,600, administrative expenses $221,700, selling expenses $289,000, and ...

Question - alpha corp was organized on january 2 2018

Question - Alpha Corp was organized on January 2, 2018. During the first year of operation, alpha issued 100,000 shares of $1 par value common stock at a price of $50 cash per share. On December 31, 2018, alpha reported ...

Question - xyz ltd has a balance day of 31 december on 1

Question - XYZ Ltd has a balance day of 31 December. On 1 January 2XX3, it had an opening inventory balance of $12,000. XYZ Ltd purchased $23,000 worth of goods for resale. On 31 December 2XX3, the closing inventory bala ...

Question the records of hetrick company and frear

Question: The records of Hetrick Company and Frear Corporation show the following information. Prepare journal entries, if required, to adjust the books of Hetrick Company or Frear Corporation, as noted. The fiscal year ...

Question - assume you graduate from college with 30000 in

Question - Assume you graduate from college with $30000 in student loans. If your interest rate is fixed at 5.00% APR with monthly compounding and you repay the loans over 10-year period, what will be your monthly paymen ...

Question based on your understanding of financial statement

Question: Based on your understanding of financial statement analysis, of the three statements (Income Statement, Balance Sheet, Statement of Cash Flows) which statement do you think is the most important and why? The re ...

Question - from the information below bank reconciliation

Question - From the information below, bank reconciliation for the month of January 2015. (a) January 31, 2015 cash balance per book for the company is $35,342.02 (b) Bank statement balance at January 31, 2015 is $33,017 ...

Question - flounder corporation sold 3490000 7 5-year bonds

Question - Flounder Corporation sold $3,490,000, 7%, 5-year bonds on January 1, 2017. The bonds were dated January 1, 2017, and pay interest on January 1. Flounder Corporation uses the straight-line method to amortize bo ...

Question 1please answer each question in no more than 3-4

Question: 1. Please answer each question in no more than 3-4 sentences. a) What is the difference between an ordinary and a deferred annuity? Also provide an example of each. b) How can the future value of an annuity be ...

Question write an improvement plan in a 1050- to 1400-word

Question: Write an improvement plan in a 1,050- to 1,400-word document. You are a Supply Chain Manager of a building supply company. Your company sells building materials to building contractors, home improvement constru ...

4,153,160 Questions Asked
13,132 Experts
2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Recent Questions

Ask Accounting Basics Expert