Question
During 2021 a sole proprietor makes credit sales of $750 000. It pays $280 000 in expenses and owes $88 000 for services it received
During 2021 a sole proprietor makes credit sales of $750 000. It pays $280 000 in expenses and owes $88 000 for services it received in 2021 but payable in 2022. Its owner withdraws $150 000. What is the profit for 2021 based on accrual accounting?
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An Internal Audit
Authors: Mette Marx
1st Edition
0998140910, 978-0998140919
