Give me answer within 45 min please I will give you upvotes its very urgent ....thankyou... Riley Co. wants to convert its 20X5 financialstatements from the cash basis of accounting tothe accrual basis. Both supplies inventory andoffice salaries payable decreased betweenJanuary 1, 20X5, and December 31, 20X5. Toobtain 20X5 accrual basis net income, shouldthese decreases be added to or deducted fromcash basis net income?Decrease in supplies inventoryin office salaries payableDecreaseAdded, DeductedDeducted, DeductedDeducted, AddedAdded. AddedDeducted, Deducted

Accrual basis income is the income which has been earned by the company or the business during the…

Answered: obtain 20X5 accrual basis net income,…

Business

Accounting

obtain 20X5 accrual basis net income, should these decreases be added to or deducted from cash basis net income?

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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Give me answer within 45 min please I will give you upvotes its very urgent ....thankyou...

Riley Co. wants to convert its 20X5 financial
statements from the cash basis of accounting to
the accrual basis. Both supplies inventory and
office salaries payable decreased between
January 1, 20X5, and December 31, 20X5. To
obtain 20X5 accrual basis net income, should
these decreases be added to or deducted from
cash basis net income?
Decrease in supplies inventory
in office salaries payable
Decrease
Added, Deducted
Deducted, Deducted
Deducted, Added
Added. Added
Deducted, Deducted

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