Homework Help Question & Answers

Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for...

Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $12,350; received $7,75

Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $12,350; received $7,750 in cash and the rest on account. b. Paid $720 in wages for the month. c. Received a $260 bill for utilities that will be paid in April. d. Received $2,700 from customers as deposits on music lessons to be given in April. Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question by entering your answers in the tabs below. Cash Basis Accrual Basis Based on the information above, prepare a cash basis income statement. MOSTERT MUSIC COMPANY Cash Basis Income Statement At March 31 Revenues $ 10,450 X (720) X 0 X Cash Sales Customer Deposits Total Revenues Expenses Salaries and Wages Paid Cash Income (720) 9,730 $ < Cash Basis Accrual Basis >
0 0
Next > < Previous
ReportAnswer #1

Required 1 MOSTERT MUSIC COMPANY Cash Basis Income Statement For the Month Ended March 31 Revenues Sales $ Customer Deposits

Know the answer?
Add Answer to:
Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for...
Your Answer: Your Name: What's your source?
Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for...

    Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $12,350; received $7,750 in cash and the rest on account. b. Paid $720 in wages for the month. C. Received a $260 bill for utilities that will be paid in April. d. Received $2,700 from customers as deposits on music lessons to be given in April. Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question...

  • Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for...

    Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $12,350; received $7,750 in cash and the rest on account. b. Paid $720 in wages for the month. C. Received a $260 bill for utilities that will be paid in April. d. Received $2,700 from customers as deposits on music lessons to be given in April. Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question...

  • a. Sold music lessons to customers for $11,950; received $6,750 in cash and the rest on...

    a. Sold music lessons to customers for $11,950; received $6,750 in cash and the rest on account. b. Paid $850 in wages for the month. c. Received a $540 bill for utilities that will be paid in April. d. Received $1,200 from customers as deposits on music lessons to be given in April. Based on the information above, prepare a cash basis and an accrual basis income statement. Complete this question by entering your answers in the tabs below. Cash...

  • M3-2 Reporting Cash Basis versus Accrual Basis Income [LO 3-2] Mostert Music Company had the following...

    M3-2 Reporting Cash Basis versus Accrual Basis Income [LO 3-2] Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $11,400; received $6,800 in cash and the rest on account. b. Paid $655 in wages for the month. c. Received a $620 bill for utilities that will be paid in April. d. Received $3,250 from customers as deposits on music lessons to be given in April. Based on the information above, prepare a cash...

  • Skidmore Music Company had the following transactions in March: a. Sold instruments to customers for $16,000;...

    Skidmore Music Company had the following transactions in March: a. Sold instruments to customers for $16,000; received $10,100 in cash and the rest on account. The cost of the instruments was $8,600 b. Purchased $3,100 of new instruments inventory, paid $1,500 in cash and owed the rest on account. " c. Paid $580 in wages to employees who worked during the month. d. Received $3,500 from customers as deposits on orders of new instruments to be sold to the customers...

  • Daube Company's operations for the month of July are summarized as follows: A. Provided $7,600 of...

    Daube Company's operations for the month of July are summarized as follows: A. Provided $7,600 of services on account. B. Received $3,700 cash from customers for services provided in July. C. Received $1,900 cash for services to be provided in August. D. Received $3,200 cash from customers on account for services provided in June. E. Paid June's warehouse rental bill on account in the amount of $1,400. F. Received July's warehouse rental bill of $1,500; set it aside to be...

  • Daube Company's operations for the month of July are summarized as follows: A. Provided $8,000 of...

    Daube Company's operations for the month of July are summarized as follows: A. Provided $8,000 of services on account. B. Received $3,800 cash from customers for services provided in July. C. Received $1,600 cash for services to be provided in August. D. Received $3,200 cash from customers on account for services provided in June. E. Paid June's warehouse rental bill on account in the amount of $1,000. E. Received July's warehouse rental bill of $1,100; set it aside to be...

  • Please answer Chapter 3 Homework instructions Ihelp Question 9(af 10) Save & Ex Submit 1.00 points...

    Please answer Chapter 3 Homework instructions Ihelp Question 9(af 10) Save & Ex Submit 1.00 points Moslert Music Cormpany had the folowing transecions in March: a. Sokd music leesons to cuslomers for $13,350, received 58,350 in cash end the rest on account b. Paid S800 in wages fer the month. RnoaNad a S370 bill for utilties that will be pad įn Apri. d. Recelvad $4,200 from customers as deposits on music lessons to be givan in Apri 1. Basnd on...

  • Need help completing this INcome statement. Will Rate HIgh

    M3-2 Reporting CashBasis versus Accrual Basis IncomeMostert Music Company had the following transactions inMarch:a. Sold instruments to customers for$10,000; received $6,000 in cash and the rest onaccount.The cost of the instruments was $7,000.b. Purchased $4,000 of newinstruments inventory; paid $1,000 in cash and owed the restonaccount.c. Paid $600 in wages for themonth.d. Received a $200 bill forutilities that will be paid in April.e. Received $1,000 from customers asdeposits on orders of new instruments to be sold to thecustomers in AprilCash...

  • ACCT3

    Reporting Cash Basis versus Accrual BasisIncomeMostert Music Company had the following transactions inMarch:a. Sold instruments to customers for $10,000; received$6,000 in cash and the rest on account. The cost of the instrumentswas $7,000.b. Purchased $4,000 of new instruments inventory; paid$1,000 in cash and owed the rest on account.c. Paid $600 in wages for the month.d. Received a $200 bill for utilities that will be paidin April.e. Received $1,000 from customers as deposits on ordersof new instruments to be sold to...

Free Homework App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.