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It is December 31, 2021 and I am completing my 2021 Income Statement. I started the year with $85,000 of unpaid bills (accounts payable on
It is December 31, 2021 and I am completing my 2021 Income Statement. I started the year with $85,000 of unpaid bills (accounts payable on my beginning of the year Balance Sheet). I paid all of that off in 2021, but accumulated $125,000 of unpaid bills (accounts payable) by the end of 2021.
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Based on the transactions described, what is the cash expenses in 2021?
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What is the accrual adjustment for 2021?
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