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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 2017 are $33640 If this firm had followed accrual

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 2017 are $33,640. If this firm had followed accrual-basis accounting practices, it would have reported the following year-end balances. _____________________________2017 2016 Accounts receivable..................$3,400............$2,800 Supplies on hand.......................1,300..............1,460 Unpaid wages owed...................2,000.............2,400 Other unpaid expenses................1,400.............1,100 Instructions Determine the company s net earnings on an accrual basis for 2017. Show all your calculations in an orderly fashion.

Apr 05 2020 Read more Less More

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