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34. For the year ended 12/31/2001, InstaClean Service Inc. reported net income of $955,000 on the accrual basis of accounting. Using the following information, convert
34. For the year ended 12/31/2001, InstaClean Service Inc. reported net income of $955,000 on the accrual basis of accounting. Using the following information, convert the accrual-based net income into cash-basis net income given the following additional information: The liability for unearned service revenue increased by $475,000; the liability for unpaid salaries decreased by S695,000; and the inventory of supplies on hand increased by $160,000 as of the end of the year compared with the beginning of the year. A) $1,965,000 B) 5895,000 C) $1,015,000 D) $575,000
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