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Calculate profit under cash and accrual accounting, based on the following transactions, November 2020: Purchase fertilizer for the 2021 crop, $3,000 March 2021: Purchased other
Calculate profit under cash and accrual accounting, based on the following transactions, November 2020: Purchase fertilizer for the 2021 crop, $3,000 March 2021: Purchased other inputs for the 2021 crop, $37,000 October 2021: Charged to account fuel for drying crop, $2,000 November 2021: Harvest crop. Sell half for $35,000. Put other half in storage at a value of $35,000. January 2022: Pay bill for fuel ($2,000) April 2022: Sell remaining crop for $31,000 Profit under cash accounting (show work ) Profit under accrual accounting (show work)
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