when a company earns revenue from a job course hero

When a company earns revenue on account the statement of cash flows?

Prepare Statements Matching Principal: revenue should be recorded in the same period as the related expenses. The after-closing balance in a revenue account will ALWAYS be zero (0). The ending balance for an accounting period becomes the beginning balance of the subsequent accounting period. Year 1 – incurred salaries expense; Year 2 – cash payment o Decrease in …

How much revenue will the company recognize in year 1?

 · 1) When a company's revenue is greater than its expenses, it means that _____. A) the company earns a profit B) the company spends more than it earns C) the company's income is decreasing D) the company needs to increase its spending E) the company must increase its productivity Answer: Explanation: A) A company earns a profit when it takes in more revenue …

What happens when a company earns revenue but does not get paid?

 · Feedback REF: Page 440 The correct answer is: Preview Paycheck Question 2 Correct 2.50 points out of 2.50 Flag question Question text When a company earns revenue from a job, the revenue can be recorded in which of the following windows? Select one: a. Enter Bills or Create Statements

How much cash flow will the company recognize in year 1?

 · In QuickBooks, the job file of the Customer Center serves as the jobs subsidiary ledger for the company A job is created as part of the customer’s file in the Customer Center. When a company earns revenue from a job the revenue is recorded in the Create Invoices window or the Enter Sales Receipts window When revenue is identified with a particular job in each …

What would happen if accrued salary expense was recognized on December 31, Year 1?

The recognition of the accrued salary expense on December 31, Year 1 would cause the Accrued Salaries Expense account to increase and the Accrued Salaries Payable account to increase by $5,000.

Does recognition of revenue affect cash flow?

Recognizing revenue on account will cause an increase in an asset account (accounts receivable) that appears on the balance sheet. The recognition will also cause an increase in the revenue account that appears on the income statement. Since cash was not collected or paid, the statement of cash flows is not affected.

Does accrual accounting report revenue?

A company using accrual accounting may report revenue on the income statement even if it does not collect cash. Accrual accounting requires the recognition of revenue in the period in which the work is done regardless of when cash is collected. Stannous Company earns $2,000 of revenue on account in Year 1.

How much is net income in year 1?

All of the $2,000 of revenue was earned in Year 1, regardless of the fact that the company collected only $1,800 of cash during that year. Since there are no expenses, net income in Year 1 is $2,000. ($2,000 revenue - zero expenses). When a company earns revenue on account.

What is accrued expense?

will work in the future and will be paid in the future. A. By definition an accrued expense occurs when the expense is recognized before the cash is paid. In the case of an accrued salary expense, the employees would have completed their work and the company would recognize it obligation to pay them in the future.

What is the end of the year 1 accounting cycle?

At the end of the Year 1 accounting cycle the expense account would be closed to retained earnings resulting in a zero balance in the account on January 1 , Year 2. The Accrued Salaries Payable account is a permanent account that is not closed at the end of accounting cycle.

Does expense recognition affect cash flow?

The decrease in net income causes stockholders' equity (retained earnings) to decrease. There is no effect on cash flow in the current period because the cash is paid in a subsequent accounting period.

How Much Does Course Hero Pay?

Employees at Course Hero make, on average, $52,368 a year or $25.18 an hour. If you are in the top 10th percent of earners, you can expect to make an average salary over $113,000 a year, but if you're in the bottom 10 percent of earners, your salary could be less than $24,000 a year. Show More

Highest Paying Jobs At Course Hero

The average employee at Course Hero earns a yearly salary of $52,368 per year, but different jobs can earn drastically different salaries. Some of the job titles with high salaries at Course Hero are senior engineering manager, senior director, operations, head of marketing, and director, learning and development.

Average Course Hero Salaries By Department

How much you earn at Course Hero depends on your role, and the organizational function that you work in. Employees who work in the engineering organizational function tend to get paid the most at at Course Hero, earning an average yearly salary of $130,875.