Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. accrual accounting evan corporation provided cons

Accrual Accounting Evan Corporation provided consulting services for Kensington Company in year 1. Evan...

80.2K

Verified Solution

Question

Accounting

Accrual Accounting

Evan Corporation provided consulting services for Kensington Company in year 1. Evan incurred costs of $60,000 associated with the consulting and billed Kensington $90,000. Evan paid $40,000 of its costs in 2019 and the remaining $20,000 in year 2. Evan received $45,000.00 of its billing in year 1. Kensington paid the remaining $45,000 in year 2. Evan reports on the accrual basis of accounting. How much is Evans year 1 and year 2 profit related to the Kensington consulting?

Year 1Year 2Net profit

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Economics
1.2K views

Suppose in Fiscalville there is a 5 percent tax on the first $10,000 of income, but...

Biology
1.2K views

Choose the correct pronoun to fill in the blank.Vanessa is so conceited! She does not...

Calculus
1.2K views

4 Square ABCD is drawn as shown below with the diagonals intersecting at E B...

Algebra
1.2K views

Which graph matches the equation y bg O O 4 21 2 d 1 4...

Algebra
1.2K views

12 semplity Condense the logarithm log 4 2 Log x into a Single logarithm

Accounting
1.2K views

Noor bought a 4-unit apartment building in July 2012 for $360,000 and sold it for...

Accounting
1.2K views

The income statements for Urban Outfits, Inc. are presented below: ...

Accounting
1.2K views

tpx Che 1.00 points M8-10 Preparing Data for the Cash Budget LO [8-4] process and...

Accounting
1.2K views

Schmid Corporation issues $550,000, 11%, 5year bonds on January 1, 2023 for $509,000. Interest is...

Accounting
1.2K views

Calculate the total Social Security and Medicare tax burden on a sole proprietorship earning 2017...

Accounting
1.2K views

There is to be an increase next year in the rent from sh. 12,000 to...

Finance
1.2K views

Fab Five Industries offers a Define Benefit Pension Plan to its employees. The plan provides...