Business, 23.09.2020 20:01 liyah1361

Gifford Company experienced the following accounting events during 2019: Started operations on January 1 when it acquired $27,300 cash by issuing common stock.
Earned $46,400 of revenue on account.
On March 1 collected $56,900 cash as an advance for services to be performed for a one-year period starting March 1.
Collected $30,000 cash from accounts receivable.
On December 31, Year 2019, adjusted the books to recognize the revenue earned by providing services related to the advance described in Event 3.
a. Record the events in a financial statements model.
b. What amount of revenue would Gifford report on the December 2018 income statement?
c. What amount of cash flow from customers would Gifford report on the 2018 statement of cash flows?
d. What amount of unearned revenue would Gifford report on the 2018 and 2019 year-end balance shoots?
1. What are the 2019 opening balances for the revenue and expense accounts?
2. What amount of total assets would Gifford report on the December 21, 2018 balance sheet?

Answers: 1

Show answers

Another question on Business

Business, 21.06.2019 20:30

If temper company, a manufacturer of mattresses, was considering moving its production facilities to china but decided against it because the additional costs of shipping the mattresses back to the u.s. would offset the cost savings associated with moving the production facilities, the increased costs associated with shipping would be an example ofanswers: learning-curve economies.diseconomies of scale.economies of scale.competitive advantages.

Answers: 2

Answer

Business, 22.06.2019 10:30

What type of budget is stated? a budget is a type of financial report that scrutinizes the inflow and outflow of money in a given financial year.

Answers: 1

Answer

Business, 22.06.2019 19:30

Alaska king crab fishing in the 1960s and '70s was a dangerous but rich fishery. boats from as far away as california and japan braved the treacherous gulf of alaska crossing to reach the abundant king crab beds in cook inlet and bristol bay. suddenly, in the early 1980s, the fishery crashed due to over fishing. all crabbing in those areas ended. to this day, there is no crabbing in bristol bay or cook inlet. a. how would an economist explain the decline of the alaska king crab fishery

Answers: 3

Answer

Business, 22.06.2019 22:00

As a general rule, when accountants calculate profit they account for explicit costs but usually ignorea. certain outlays of money by the firm.b. implicit costs.c. operating costs.d. fixed costs.

Answers: 2

Answer

You know the right answer?

Gifford Company experienced the following accounting events during 2019: Started operations on Janu...

Questions