Choose the fill in the blank answer from below: 1.collected/recorded/earned. 2.
ID: 2618325 • Letter: C
Question
Choose the fill in the blank answer from below:
1.collected/recorded/earned.
2. cash is collected/ revenue is earned/sold inventory is delivered.
3.Collected/ earned/paid
4.Expense recognition principle/historical cost principle/revenue principle
5.As earned/asincurred/collected in cash/paid in cash
6.As earned/asincurred/collected in cash/paid in cash
7.As earned/asincurred/collected in cash/paid in cash
8.As earned/asincurred/collected in cash/paid in cash
9.Balance sheet/cash flow statement/ income statement
During 2016, Doyle Network, Inc., which designs network servers, earned revenues of $760 illion. Expenses totaled $510 million. Doyle collected all but $20 million of the revenues and paid $550 million on its expenses Requirements Doyle's top managers are evaluating 2016, and they ask you the following questions a. Under accrual accounting, what amount of revenue should Doyle Network report for 2016? How does the revenue principle help to answer these questions? b. Under accrual accounting, what amount of total expense should Doyle Network report for 2016? Which accounting principle helps to answer this question? c. Redo parts a and b using the cash basis. Explain how the accrual basis differs from the cash basis d. Which financial statement reports revenues and expenses? Which statement reports cash receipts and cash payments? Requirement a. Under accrual accounting, what amount of revenue should Doyle Network report for 2016? How does the revenue principle help to answer these questions? The amount of revenue that should be reported for the year is$ million. Vregardless of when Therefore, the The revenue principle says to record revenue when it has been amount of revenue reported is what Doyle Requirement b. Under accrual accounting, what amount of total expense should Doyle Network report for 2016? Which accounting principle helps to answer this question? The amount of total expense that should be reported for the year is $ The Requirement c. Redo parts a and b using the cash basis. Explain how the accrual basis differs from the cash basis Revenue: $ million. Vrecognizes expenses in the same period in which any related revenues are earned million Total expense million The accrual basis measures revenues and expenses while the cash basis measures revenues and expenses Requirement d. Which financial statement reports revenues and expenses? Which statement reports cash receipts and cash payments? The reports revenues and expenses. The V reports cash receipts and cash paymentsExplanation / Answer
1.earned
2. cash is collected
3.earned
4.Expense recognition principle
5.As earned
6.as incurred
7.collected in cash
8.paid in cash
9.income statement
10.cash flow statement