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1. Classify each of the following events as either, a revenue, expense or neither. You should also.. 1 answer below » 1. Classify each of the following events as either, a revenue, expense or neither. You should also explain why it is classified as a revenue, expense or neither. a. Spencer provides services to a client. The client had agreed up front that they would give Spencer capital stock in lieu of cash for his service. b. Spencer provides $800 in services to client and sends the client the bill. c. Spencer receives the utility bill for electricity in the mail d. Spencer transfers $100 to his personal checking account e. Spencer receives the water bill and pays it immediately with a check f. Spencer View complete question » 1. Classify each of the following events as either, a revenue, expense or neither. You should also explain why it is classified as a revenue, expense or neither. a. Spencer provides services to a client. The client had agreed up front that they would give Spencer capital stock in lieu of cash for his service. b. Spencer provides $800 in services to client and sends the client the bill. c. Spencer receives the utility bill for electricity in the mail d. Spencer transfers $100 to his personal checking account e. Spencer receives the water bill and pays it immediately with a check f. Spencer hires a student to run errands for the business. The student has worked the last two weeks, with today being the end of the pay period. g. Spencer provides $500 in services to a client who pays in cash. 2. Bowen Company made sales of $200,000 to customers of which it received $140,000 in cash. Bowen incurred $120,000 in operating expense , of which it paid $90,000 in cash. a. Show how the accrual basis net income is derived b. Show how the cash basis net income is derived c. Assume that while $200,000 of sales above were billed to customer in Year 1, customers remitted payments for $120,000 in Year 2. During which Year would revenues be reported on the Income Statement under, first, the accrual basis, and second the cash basis? View less » Jul 28 2015 09:42 AM
