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Net earnings on an accrual basis

Net earnings on an accrual basis

FINANCIAL ACCOUNTING
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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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 20XX are $33,890. If this firm had followed accrual-basis accounting practices, it would have reported the following year-end balances. Accounts receivable Supplies on hand Unpaid wages owed Other unpaid expenses 20XX $3,610 1,405 1,865 1,810 20XX-1 $3,025 1,600 2,410 1,055 Determine the company's net earnings on an accrual basis for 20XX. Net earnings on an accrual basis for 2020 $
Transcribed Image Text: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 20XX are $33,890. If this firm had followed accrual-basis accounting practices, it would have reported the following year-end balances. Accounts receivable Supplies on hand Unpaid wages owed Other unpaid expenses 20XX $3,610 1,405 1,865 1,810 20XX-1 $3,025 1,600 2,410 1,055 Determine the company's net earnings on an accrual basis for 20XX. Net earnings on an accrual basis for 2020 $
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