Of the amount paid 30000 was for expenses incurred on, Ask an Expert

Accounting

Leno Inc. collected $500,000 from customers in 2011. Of the amount collected, $125,000 was from revenue earned on account in 2010. In addition, Leno earned $240,000 of revenue in 2011, which will not be collected until 2012. Leno Inc. also paid $170,000 for expenses in 2011. Of the amount paid, $30,000 was for expenses incurred on account in 2010. In addition, Leno incurred $142,000 of expenses in 2011 which will not be paid until 2012.

Instructions:

a. Compute 2011 cash-basis net income.

b. Compute 2011 accrual-basis net income.

View complete question

Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9435130

Have any Question?Write your Review or question?

Related Questions in Accounting Basics

Question - loan amortization bankrate has a financial

Question - Loan Amortization. Bankrate, has a financial calculator that will prepare an amortization table based on your inputs. First, find the APR quoted on the website for a 30-year fixed rate mortgage. You want to bu ...

Question - the following data have been provided by graise

Question - The following data have been provided by Graise Corporation from its activity-based costing accounting system: Factory supervision $ 300,000 Indirect factory labor 160,000 Distribution of Resource Consumption ...

Question - following are the transactions for abc computer

Question - Following are the transactions for ABC Computer Service's first month of business, September 2018: Sept 1 The owner invested $10,000 into the business in exchange for common stock. Sept 4 Purchased equipment f ...

Question as you explored in the the value of literature

Question: As you explored in the The Value of Literature discussion, literature can provide us with a multitude of perspectives, ideas, and experiences. Additionally, there is a long tradition of critical reading and wri ...

Question 1calculate total revenues and expenditures for

Question: 1. Calculate total revenues and expenditures for each year. 2. Calculate each revenue source and expenditure category as a percentage of the total budget for each year (for example, property tax for 2008 = 52,2 ...

Question - at december 31 2014 the available for sale

Question - At December 31, 2014, the available for sale equity portfolio for xyz corp. is as follows. Security Cost Fair Value Stock A 33,600 31,000 Stock B 175,000 174,000 Stock C 59,400 68,500 Total 268,000 273,500 Dec ...

Question - on may 1 2016 benzs sandwich shop loaned 14000

Question - On May 1, 2016, Benz's Sandwich Shop loaned $14,000 to Mark Henry for one year at 6 percent interest. Required - a. What is Benz's interest income for 2016? b. What is Benz's total amount of receivables at Dec ...

Question - simple and compound interest computations - alan

Question - Simple and Compound Interest Computations - Alan Jackson invests $20,000 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Alan w ...

Thinking of the middle east identify where you encounter

Thinking of the Middle East, identify where you encounter products, services, or food items that should be relatively uniform and are based on standard inputs or costs. Identify the items, their standard components, and ...

Questions -q1 at december 31 2018 lyndseys boutique had

Questions - Q1. At December 31, 2018, Lyndsey's Boutique had 1,000 gift certificates outstanding, which had been sold to customers during 2018 for $75 each. Lyndsey's business operates on a gross profit of 60 percent of ...

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