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Accrual basis
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. |
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