For each of the following unrelated scenarios, show total expenses reported on the income statement for 20X0 under the cash basis v. accrual basis.   Cash basis Accrual basis In December 20X0, ByCo runs ads costing $30,000. ByCo receives the invoice but does not pay it until January 20X1.     On December 1, 20X0, KPT pays $2,400 for the next 12 months’ property insurance.     In December 20X0, Andre’s pays $400 to Pest Control for 4 months’ service. The first treatment will be in January 20X1.

The Continental Bank made a loan of $ 24 comma 000.00 on March 10 to Dr. Hirsch to purchase equipment for her office. The loan was secured by a demand loan subject to a variable rate of interest that was 5% on March 10. The rate of interest was raised to 5.25% effective July 1 and to 5.75% effective September 1. Dr. Hirsch made partial payments on the loan as follows: $1000 on May 24; $700 on June 28; and $300 on October 22. Each payment is first applied to any accumulated interest. Any remainder is then used to reduce the outstanding principal. The terms of the note require payment on October 31 of any interest not paid off by partial payments. How much must Dr. Hirsch pay on October 31 ? Question content area bottom Part 1 Dr. Hirsch must pay $ enter your response here on October 31. (Round the final answer to the nearest cent as needed. Round all intermediate values to six decimal places as needed.)

Following are some transactions and events of Business Solutions. February 26 The company paid cash to Lyn Addie for eight days' work at $140 per day. March 25 The company sold merchandise with a $2,500 cost for $3,100 on credit to Wildcat Services, invoice dated March 25. Required: 1. Assume that Lyn Addie is an unmarried employee. Her $1,120 of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $112. Compute her net pay for the eight days' work paid on February 26. 2. Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part 1. 3. Record the journal entry to reflect the (employer) payroll tax expenses for the February 26 payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA (the FUTA rate is 0.6% and the SUTA rate is 5.4% for the company). 4. Record the entries for the merchandise sold on March 25 if a 4% sales tax rate applies.…

Bonnie Corp. sells a machine to a customer for $18,000 and uses the Installment Sales Method to account for the sale. The cost of the goods was $12,400. At the date of sale, Bonnie delivers the machine and receives $4,500, with the remainder being an installment account receivable for $13,500. How much gross profit should Bonnie recognize at the date of delivery? Do not use commas, dollar symbols (e.g. $), units or spaces in your answers. For example, one thousand five hundred and twenty-three dollars should be entered as 1523. If the Canvas system inserts a comma for you, don't worry about it.