IC CllaptersS.) List only one answer for each situation. E4-4 Your examination of the records of a company that follows the cash basis of account- ing tells you that the company's reported cash-basis earnings in 2017 are $33,640. If this firm had followed accrual-basis accounting practices, it would have reported the following year-end balances. to 2017 2016 Accounts receivable $2,800 1,460 2,400 St1,100 $3,400 1,300 2,000 1,400 Supplies on hand Unpaid wages owed 001 lA Other unpaid expenses Instructions Determine the company's net earnings on an accrual basis for 2017. Show all your calcu- lations in an orderly fashion.
IC CllaptersS.) List only one answer for each situation. E4-4 Your examination of the records of a company that follows the cash basis of account- ing tells you that the company's reported cash-basis earnings in 2017 are $33,640. If this firm had followed accrual-basis accounting practices, it would have reported the following year-end balances. to 2017 2016 Accounts receivable $2,800 1,460 2,400 St1,100 $3,400 1,300 2,000 1,400 Supplies on hand Unpaid wages owed 001 lA Other unpaid expenses Instructions Determine the company's net earnings on an accrual basis for 2017. Show all your calcu- lations in an orderly fashion.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:IC CllaptersS.) List only one answer for each situation.
E4-4 Your examination of the records of a company that follows the cash basis of account-
ing tells you that the company's reported cash-basis earnings in 2017 are $33,640. If this
firm had followed accrual-basis accounting practices, it would have reported the following
year-end balances.
to
2017
2016
Accounts receivable
$2,800
1,460
2,400
St1,100
$3,400
1,300
2,000
1,400
Supplies on hand
Unpaid wages owed 001 lA
Other unpaid expenses
Instructions
Determine the company's net earnings on an accrual basis for 2017. Show all your calcu-
lations in an orderly fashion.
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