Afternoon Dessert's Inc. reported revenue of $200,000 in its cash basis income statement for the year ended December 31, 2018. Additional information from the books:
Accounts receivable December 31, 2017 $10,000
Accounts receivable December 31, 2018 5,000
Prepaid subscription in 2018 1,000
What would Afternoon Dessert's revenue be under the accrual basis of accounting?
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q136: Shadow's Cleaning Service provides weekly cleaning services
Q137: Under U.S. GAAP, revenues are considered _
Q138: Purrfect Pets, Inc. provides animal daycare for
Q139: When deciding how to measure the fair
Q140: _ accounting measures noncash transactions.
A) Accrual
B) Cash-basis
C)
Q142: Identify the three main approaches to expense
Q143: Sydney & Caesar Law Firm uses the
Q144: In using fair value as a measurement
Q145: Freddie's Fish Store maintains saltwater aquariums for
Q146: On April 2, the salaried employees of
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents