Based on the following transactions, calculate the revenues and expenses that would be reported (a) on the cash basis and (b) on the accrual basis: a. Credit sales to customers totalled $52,350. b. Cash sales totalled $147,850. C. Cash collections on account from customers totalled $52,350. d. Cost of goods sold during the period was $25,950. e. Payments made to suppliers of inventory totalled $50,900. Wages of $31,800 were paid during the year. In addition, wages of $1,800 remained unpaid at year end; there were no wages unpaid at the beginning of the year. g. Halfway through the year, a one-year insurance policy was purchased at a cost of $2,370. h. At the end of the year the company paid $2,970 for the first 3 months' rent for the upcoming year. f. a. b. C. d. e. f. g. h. (a) on the cash basis Revenues Expenses (b) on the accrual basis Revenues Expenses

Based on the following transactions, calculate the revenues and expenses that would be reported (a) on the cash basis and (b) on the accrual basis: a. Credit sales to customers totalled $52,350. b. Cash sales totalled $147,850. C. Cash collections on account from customers totalled $52,350. d. Cost of goods sold during the period was $25,950. e. Payments made to suppliers of inventory totalled $50,900. Wages of $31,800 were paid during the year. In addition, wages of $1,800 remained unpaid at year end; there were no wages unpaid at the beginning of the year. g. Halfway through the year, a one-year insurance policy was purchased at a cost of $2,370. h. At the end of the year the company paid $2,970 for the first 3 months' rent for the upcoming year. f. a. b. C. d. e. f. g. h. (a) on the cash basis Revenues Expenses (b) on the accrual basis Revenues Expenses

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Description: Based on the following transactions, calculate the revenues and expenses that would be reported (a) on the cash basis and (b) on theaccrual basis:a. Credit sales to customers totalled $52,350.b. Cash sales totalled $147,850.C. Cash collections on ac

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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