Question attached to 2 sreenshots belowthanks for the help greatly appreciatedneed it answerwd asap During2021, Boyd Network, Inc., which designs network servers, earned revenues of $700 million. Expenses totaled $500 million. Boyd collected all but $22 million of the revenues and paid $590 million on its expenses.Read the requirements.Requirement a. Under accrual accounting, what amount of revenue should Boyd report for 2021? How does the revenue principle help to answer this question?The amount of revenue that should be reported for the year in millions isHow does the revenue principle help to answer this question?The revenue principle says to record revenue when it has beenThe amount of total expense that should be reported for the year in millions isWhich accounting principle helps to answer this question?Requirement b. Under accrual accounting, what amount of total expense should Boyd report for 2021? Which accounting principle helps to answer this question?The▼ regardless of whenrecognizes expenses in the same period in which any related revenues are earned.Requirement c. Redo parts a and b using the cash basis. Explain how the accrual basis differs from the cash basisRevenue in millions =Total expenses in millions =Explain how the accrual basis differs from the cash basis.The accrual basis measures revenues←Theand expenses. Therefore, the amount of revenue reported is what Boydwhile the cash basis measures revenuesRequirement d. Which financial statement reports revenues and expenses? Which statement reports cash receipts and cash payments?reports revenues and expenses. Thereports cash receipts and cash payments.and expenses a. Under accrual accounting, what amount of revenue should Boyd report for2021? How does the revenue principle help to answer this question?b. Under accrual accounting, what amount of total expense should Boyd reportfor 2021? Which accounting principle helps to answer this question?c. Redo parts a and b using the cash basis. Explain how the accrual basis differsfrom the cash basis.d. Which financial statement reports revenues and expenses? Which statementreports cash receipts and cash payments?

a. Under accrual accounting, what amount of revenue should Boyd report for 2021? How does the revenue principle help to answer this question? b. Under accrual accounting, what amount of total expense should Boyd report for 2021? Which accounting principle helps to answer this question? c. Redo parts a and b using the cash basis. Explain how the accrual basis differs from the cash basis.

a. Under accrual accounting, what amount of revenue should Boyd report for 2021? How does the revenue principle help to answer this question? b. Under accrual accounting, what amount of total expense should Boyd report for 2021? Which accounting principle helps to answer this question? c. Redo parts a and b using the cash basis. Explain how the accrual basis differs from the cash basis.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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