your examination of the records of a company that follows the cash basis of accounti 534449
Your examination of the records of a company that follows the cash basis of accounting
tells you that the company”s reported cash basis earnings in 2012 are $33,640. If this firm had followed accrual basis accounting practices, it would have reported the following year-end balances.
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your examination of the records of a company that follows the cash basis of accounti 534449
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|
2012 |
2011 |
|
|
Accounts receivable |
$3,400 |
$2,800 |
|
Supplies on hand |
1,300 |
1,460 |
|
Unpaid wages owed |
2,000 |
2,400 |
|
Other unpaid amounts |
1,400 |
1,100 |
Instructions
Determine the company”s net earnings on an accrual basis for 2012. Show all your calculations in an orderly fashion.
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