Question
It is December 31, 2021 and I am completing my 2021 Income Statement. Last year in November 2020, I purchased $60,000 of grain inputs to
It is December 31, 2021 and I am completing my 2021 Income Statement. Last year in November 2020, I purchased $60,000 of grain inputs to be used on the 2021 crop. In 2021, I purchased an additional $40,000 of grain inputs, $30,000 of which I used on the 2021 crop and the other $10,000 will be used on the 2022 crop.
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What is the cash input expense for 2021?
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What is the accrual input expense for 2021?
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Financial Accounting
Authors: Patricia A. Libby, Daniel Short, George Kanaan, Maureen Libby Gowing, Robert Libby
4th Canadian Edition
0070001499, 9780070001497
