Robinson Co. had the following transactions in 2016, its first year of operations. Cash sales were $150,000.
Credit sales were $160,000. Of this, $125,000 was collected from customers in 2006 and the balance will be collected in 2007.
Paid utilities expense of $32,000 in cash.
Purchased materials and supplies costing $75,000 with cash. $25,000 of materials and supplies remained on hand at December 31.
Purchased equipment on January 1 for $50,000. The equipment had a five year estimated useful life and zero salvage value. It is depreciated on a straight-line basis.
Paid $65,000 in employee wages for work performed in 2006. Owed additional wages of $12,000 at December 31.
Purchased a two-year fire insurance policy for $36,000 cash on January 1.
Declared and paid a dividend of $5,000.
Calculate income on a cash-basis and an accrual basis.

Income Statement (cash basis)

Sales revenue $275,000

Utilities ($32,000)

Materials and supplies ($75,000)

Equipment ($50,000)

Wages ($65,000)

Insurance ($36,000)

Net income = $17,000

Income Statement (accrual basis)

Sales revenue $310,000

Utilities ($32,000)

Materials and supplies ($50,000)

Depreciation expense: equipment ($10,000)

Wages ($77,000)

Insurance ($18,000)

Net income = $123,000

the most important factor in the

work process or industry is to retain the interest of the employee. and to

retain them, their salary or profit must be adjusted to the best value. unless

the employee does not do his job properly, employees must receive bonuses or

benefits to ensure them to stay in the company. it will actually make them stay

longer, make them feel important and reduce costs for hiring new employees.

explanation:

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urban company reports the following information regarding its production cost: units produced 37,000 units direct labor $ 30 per unit direct materials $ 35 per unit variable overhead $ 237,000 in total fixed overhead $ 127,000 in total