The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2021:Selected Data as of December 31, 2021 Customers billed in 2021 for services provided$400,000Cash collections in 2021 for accounts billed in 202020,000Cash collections in 2021 for accounts billed in 2021300,000Cash paid for supplies purchased in 202112,000Supplies remaining at the end of 20212,000Cash paid for salaries in 202110,000Cash paid for annual rent on March 1, 202118,000Calculate the amount of revenues and expenses for 2021 under accrual-basis accounting.
What will be an ideal response?
Accrual-basis revenues = $400,000.
Accrual-basis expenses = ($12,000 - $2,000) + $10,000 + [($18,000/12 months) = $1,500 × 10 months] = $35,000.
You might also like to view...
Alduro Chemicals, a manufacturer of detergents, delivers chemicals used for commercial washing to various hoteliers in the United States
Most of the company's revenue comes from routine orders from its existing customers and the company uses unskilled salespeople to collect requirements from its customers. These unskilled customers are known as ________. A) demand creators B) deliverers C) missionaries D) order takers E) solution vendors
Pure bundling occurs when a firm offers goods both individually and in bundles
Indicate whether the statement is true or false
Laboratory controlled research is much easier to conduct than field research because live negotiators often refuse to allow researchers
A. to publicly report actual successes. B. to conduct interviews. C. to publicly report actual failures. D. All of these choices are correct.
Katherine does especially well in her language courses, but struggles in chemistry. She has ________ intelligence.
A. intrapersonal B. bodily-kinesthetic C. spatial D. naturalist E. linguistic