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.
| 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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