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I just need help filling out these last table values, all the answers I have in the table so far are correct. Effect of Accounting
I just need help filling out these last table values, all the answers I have in the table so far are correct.
Effect of Accounting Method (LO. 6) Bonnie opens a computer sales and repair service during the current year. Her records for the year show: Cash Received Liability Incurred Sales Made Cash Paid Repair revenue $20,170 $ 28,810 27,800 Computer sales 18,390 Computer purchases $55,630 $26,950 Employee wages 11,630 9,770 Supplies, utilities, etc. 8,680 5,930 Bonnie has computers on hand on December 31 that cost $40,490 and have a retail selling price of $63,930. Compute taxable income under the various methods. Accrual Hybrid Gross income: Repair revenues $ 28,810 $ 20,170 Computer sales 27,800 Total revenue $ 56,610 $ Deductions: Cost of goods sold Employee wages 11,630 9,770 Supplies, utilities, etc. 8,680 5,930 Total deductions Taxable income $Step by Step Solution
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