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Mit and Accrual basis I cannot seem to figure it out and…

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Mit and Accrual basis...

Mit and Accrual basis I cannot seem to figure it out and have read my textbook and other things as well

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

During 2012, Blazer Inc. earned $56,300 from services provided and incurred $14,900 of expenses. At the end of the year, Blazer had received cash for $34,760 of the revenues and had paid $11,400 of the expenses. Also during 2012, Blazer received $2,900 cash for services to be performed in 2013 and paid $3,700 for rent for the first six months of 2013. That is the problem I have....I need to understand how to do it I cant seem to figure it out

Submitted: 2 years ago.Category: Finance
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Answered in 20 minutes by:
2/11/2016
Financial Professional: Manal Elkhoshkhany, Tutor replied 2 years ago
Manal Elkhoshkhany
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Hello,

Please post the full question so that I can help. When you respond, please advise your deadline

Thank you

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Customer reply replied 2 years ago
During 2012, Blazer Inc. earned $56,300 from services provided and incurred $14,900 of expenses. At the end of the year, Blazer had received cash for $34,760 of the revenues and had paid $11,400 of the expenses. Also during 2012, Blazer received $2,900 cash for services to be performed in 2013 and paid $3,700 for rent for the first six months of 2013.I did the Accrual BasisASAP
Financial Professional: Manal Elkhoshkhany, Tutor replied 2 years ago

What is required?

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Customer reply replied 2 years ago
The answer not the work
Financial Professional: Manal Elkhoshkhany, Tutor replied 2 years ago

Which textbook are you using? Title, author's name and edition?

Answer to what? What does the question ask you to do?

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Customer reply replied 2 years ago
I need the Accrual Basis of the problem I just presented to you.
Customer reply replied 2 years ago
Are you able to do it?
Financial Professional: Manal Elkhoshkhany, Tutor replied 2 years ago

Please post the FULL problem as it appears in your textbook or send me the name of the book you are using to see if I can find the problem. You have not posted the full problem

Thank you

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Customer reply replied 2 years ago
During 2012, Blazer Inc. earned $56,300 from services provided and incurred $14,900 of expenses. At the end of the year, Blazer had received cash for $34,760 of the revenues and had paid $11,400 of the expenses. Also during 2012, Blazer received $2,900 cash for services to be performed in 2013 and paid $3,700 for rent for the first six months of 2013.
Required:
Determine 2012 net income under (a) the cash basis and (b) the accrual basis of accounting.
Financial Professional: Manal Elkhoshkhany, Tutor replied 2 years ago

Thank you.

Working on the problem

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Financial Professional: Manal Elkhoshkhany, Tutor replied 2 years ago

Hello again,

Please click on the following link to download the solution:

https://app.box.com/s/wjalsr4paaclfv08odkeqmn0p46hcezu

If you have any questions, please do not hesitate to ask; if all is clear, please rate the service

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Thank you

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Financial Professional: Manal Elkhoshkhany, Tutor replied 2 years ago

Just to clarify, Under Accrual Basis, revenue is recognized when "earned", and expenses are recognized when "incurred"; while under the cash basis, revenue is recognized when cash is received and expenses are recognized when cash is paid.

Hope this clarifies it

All the best

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Financial Professional: Manal Elkhoshkhany, Tutor replied 2 years ago

Is everything clear or did you have questions?

If you have any questions, please do not hesitate to ask; if all is clear, please rate the service

P.S. If you like my services, please feel free to direct your future posts to me specifically by typing "For Manal Elkhoshkhany" at the beginning of your post. Should you choose to do this, please try to allow me at least 48 hours before the deadline. If you need to meet me online for a timed assignment, please advise me of the date and time (EST) you want me to meet you here and I will (Also please notify me at least 48 hours in advance) . Please make sure you take the length (and number) of the questions into consideration when making your offer to avoid delays in providing solutions.

Thank you

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