Ask Experts Questions for FREE Help !
Ask
    jj254's Avatar
    jj254 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 8, 2007, 12:57 PM
    Accrual Accounting
    How does one find the net income using accrual accounting
    atunaisa's Avatar
    atunaisa Posts: 2, Reputation: 1
    New Member
    		  
    #2

    Oct 9, 2007, 05:10 AM
    Quote Originally Posted by jj254
    How does one find the net income using accrual accounting
    We calculate net income through accrual basis by subtracting expenses as they are incurred from income as earned. The income and expenses in other words is not determined as they earned or paid but when realised to have been earned or incurred.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Accrual and cash basis accounting [ 2 Answers ]

In its first year of operations, Harden Co. earned $39,000 in revenues and received $33,000 cash from These customers. The company incurred expenses of $22,500 but had not paid $2,250 of them at yearend. Harden also prepaid $3,750 cash for expenses that would be incurred the next year. Calculate...

Accrual Accounting [ 1 Answers ]

Can you have an account other than expense as a debit when it comes to accruals?

Cash and Accrual basis accounting [ 1 Answers ]

In the first year of operations, Harden Co. earned $39,000 in revenues and received $33,000 cash from this customers. The company incurred expenses of $22,500 but had not paid $2,250 of them at year-end. Harden also prepaid $3,750 cash for expenses that would be incurred the next year. ...

Accrual Accounting Questions [ 2 Answers ]

My answers are in bold, would someone check me on this. Question 1 Accrued revenues would appear on the balance sheet as: assets Liabilities Capital Prepaid expenses Question 2

View more questions Search