Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. tom cat ine, had the following compary transaction

Tom Cat Ine, had the following compary transactions during 2022 : Paid \$8,000 Cash and...

90.2K

Verified Solution

Question

Accounting

image
Tom Cat Ine, had the following compary transactions during 2022 : Paid \$8,000 Cash and recorded Salaries \& Wage Expense Recorded $24,000 in Sales on account Paid off a $3,000 account payable. Accrued \$1,000 in advertising expense Lastly, at the end of the year the company purchased a laptop for $2,000. The company treats it as a long term resource for business use. They will use it more than one year. What is Tom Cat's net income using accrual accounting rules? (Hint: Remember when revenue and expense are recognized!) 10,000 13,000 15,000 22,000

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

Finance
1.2K views

Deployment Specialists pays a current (annual) dividend of $1 and is expected to grow at 24%...

Medical Sciences
1.2K views

Describe a visual field experiment involving a patient who has undergone the split-brain procedure. Answer should...

Biology
1.2K views

Explain why genetic drift affects genetic diversity in a population

Geometry
1.2K views

QUESTION 20 Convert the ordered pair in rectar 0 2TT 7 3 7 5x

Basic Math
1.2K views

Use a calculator to find a decimal approximation for the following trigonometric function.sin 6954'sin 6954'...

Statistics
1.2K views

Consider the scotterplot 1400 COOL 600 test net vol vs effectiveness 15 10 5 0...

Algebra
1.2K views

Consider the following function Answer 2 Points A k x SAY Step 3 of 3...

Accounting
1.2K views

On January 2, Year 1, Robinson Company purchased equipment costing $39,200, with an...

Accounting
1.2K views

6. Before any month-end adjustments are made, the net...

Accounting
1.2K views

On June 1, Year 1, Tsanumis Corporation (a U.S.-based manufacturing firm) received an order to...

Accounting
1.2K views

Agler Corporation's balance sheet reported the following: Capital stock outstanding, 4,000 shares, par $30 per...

Accounting
1.2K views

Tebough Company reported the following balances at January 31, 2016: Sales Revenues $16,700 Sales Returns...