Kintzinger Law Firm maintains its book on a cash basis. During 2021, the company collected $825,000 in fees from its clients and paid $512,000 in expenses. You are able to determine the following information about accounts receivable, supplies, prepaid rent, salaries payable, and interest payable: December 31, 2021 December 31, 2020 $130,000 $120,000 Accounts receivable Supplies Prepaid rent Deferred revenue Salaries payable terest payable addition, 2021 depreciation expense on office equipment is $25,000. quired: Determine accrual-basis 1.) revenue, 2.) expense and 3.) net income for 2021. venue 15,000 13,000 22,000 16,500 4,000 18,000 11,000 20,000 14,000 5,500

Kintzinger Law Firm maintains its book on a cash basis. During 2021, the company collected $825,000 in fees from its clients and paid $512,000 in expenses. You are able to determine the following information about accounts receivable, supplies, prepaid rent, salaries payable, and interest payable: December 31, 2021 December 31, 2020 $130,000 $120,000 Accounts receivable Supplies Prepaid rent Deferred revenue Salaries payable terest payable addition, 2021 depreciation expense on office equipment is $25,000. quired: Determine accrual-basis 1.) revenue, 2.) expense and 3.) net income for 2021. venue 15,000 13,000 22,000 16,500 4,000 18,000 11,000 20,000 14,000 5,500

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Description: Please do not give solution in image format thanku Kintzinger Law Firm maintains its book on a cash basis. During 2021, the company collected $825,000 in fees from its clients and paid$512,000 in expenses. You are able to determine the following info

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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