elee
Mar 19, 2012, 07:24 PM
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 2012 are $33,640. If this firm had followed accrual basis accounting practices, it would have reported the following year-end balances.
2012/2011
Accounts receivable $3,400 $2,800
Supplies on hand $1,300 $1,460
Unpaid wages owed $2,000 $2,400
Other unpaid amounts $1,400 $1,100
Determine the company's net earnings on accrual basis for 2012.
2012/2011
Accounts receivable $3,400 $2,800
Supplies on hand $1,300 $1,460
Unpaid wages owed $2,000 $2,400
Other unpaid amounts $1,400 $1,100
Determine the company's net earnings on accrual basis for 2012.