Listed below are several transactions that took place during the second and third years of...
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Accounting
Listed below are several transactions that took place during the second and third years of operations for the RPG Company. Year Year Amounts billed to customers for services rendered $ $ Cash collected from credit customers Cash disbursements: Payment of rent Salaries paid to employees for services rendered during the year Utilities Advertising In addition, you learn that the company incurred advertising costs of $ in year owed the advertising agency $ at the end of year and there were no liabilities at the end of year Also, there were no anticipated bad debts on receivables, and the rent payment was for a twoyear period, year and year Required: Calculate accrual net income for both years. Determine the amount due the advertising agency that would be shown as a liability on RPGs balance sheet at the end of year
Listed below are several transactions that took place during the second and third years of operations for the RPG Company.
Year Year
Amounts billed to customers for services rendered $ $
Cash collected from credit customers
Cash disbursements:
Payment of rent
Salaries paid to employees for services rendered during the year
Utilities
Advertising
In addition, you learn that the company incurred advertising costs of $ in year owed the advertising agency $ at the end of year and there were no liabilities at the end of year Also, there were no anticipated bad debts on receivables, and the rent payment was for a twoyear period, year and year
Required:
Calculate accrual net income for both years.
Determine the amount due the advertising agency that would be shown as a liability on RPGs balance sheet at the end of year
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