Question
Claymore Corporation maintains its book on a cash basis. During 2021, the company collected $950,000 in fees from its clients and paid $662,000 in expenses.
Claymore Corporation maintains its book on a cash basis. During 2021, the company collected $950,000 in fees from its clients and paid $662,000 in expenses. You are able to determine the following information about accounts receivable, supplies, prepaid rent, salaries payable, and interest payable:
December 31, 2021
December 31, 2020
Accounts receivable
$110,000
$120,000
Supplies
18,000
15,000
Prepaid rent
11,000
13,000
Deferred revenue
20,000
18,000
Interest receivable
25,000
22,000
Prepaid Insurance
15,000
17,000
Deferred rent revenue
22.000
26,000
Salaries payable
16,000
18,000
Interest payable
6,000
5,000
In addition, 2021 depreciation expense on office equipment is $20,000.
Copy the statement below and answer in the same format.
Required: Determine accrual-basis 1.) revenue and 2.) expense
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Be Audit You Can Be
Authors: Awesome Auditor
1st Edition
1659095700, 978-1659095708
