Answered Essay: PLEASE EXPLAIN ALL STEPS!

PLEASE EXPLAIN ALL STEPS!

Mr. A wrote an accounting book and agreed to royalties at 15% of the book’s sales revenues. Royalties are paid on February 1 for the six months ended December 31 of the prior year and on August 1 for the six months ended on June 30 of the current year. In 2016 and 2017, Mr. A received checks in these amounts and on the dates shown:

February 1, 2016: $30,000

August 1, 2016: $45,000

February 1, 2017: $36,000

August 1, 2017: $52,000

Books sales for the last six months of 2017 were estimated at $230,000.

A. Required: Determine the December 31, 2016 Accounts Receivable balance related to the book. Additionally, determine the royalty revenues for 2016, as they would appear on the income statement.

B. Determine the December 31, 2017 Accounts Receivable balance related to the book. Additionally, determine the royalty revenues for 2017, as they would appear on the income statement. Determine Royalty Revenues for 2017 if Mr. A used the cash basis instead.

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