Solved

Ohio Company, a Corporation, Began Operations on December 1, 2010 \bullet

Question 90

Essay

Ohio Company, a corporation, began operations on December 1, 2010. During January of 2011, the following transactions occurred:
\bullet Billed customers $12,000 for services performed during January.
\bullet Received payment from customers in the amount of $6,000 for services performed and billed in December.
\bullet Received cash of $7,000 for services performed during January for customers who paid cash immediately. (No bills were mailed.)
A. How much total Revenue should Ohio Company report for January, 2011?
B. Determine the increase in cash during January of 2011 as a result of these transactions.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents