Mailings Review View RCM Tell me Albretar |AaBbCcDdi AaBbCcDdE. 1 JRC Normal Caption Heading 1 Heading 2 Chapter 3 Homework Submit your answers in Canvas before it is due Use the following to answer questions 1-4 The company's computer system was damaged before preparing the financial statements. The company was able to get the following information pieced together. The company wants to know total revenue and total supplies expense for the period. For simplicity, we assume only one expense account (salaries). Cash received from customers $425,000 Cash paid for salaries 290,000 Accounts receivable (beginning balance) 32,000 Accounts receivable (ending balance) 45,000 Salaries payable (beginning balance) 8,000 Salaries payable (ending balance) 3,000 All sales are on account. Salaries are recorded before they are paid. CREATE A T-ACCOUNT FOR ACCOUNTS RECEIVABLE AND SALARIES PAYABLE TO HELP ANSWER #182 1. Determine the amount of accrual basis revenue earned during the year. $ 2. Determine the amount for accrual basis salaries expense for the year: S Determine 3. Determine accrual basis net income: $ 4. Determine cash basis net income: $ Use the following to answer questions 5-6 Following is a February transaction for a company. Calculate the amount of expense to recognize in February Paid $1,000 in February for supplies purchased on account last month. Used $450 worth in February, $300 was used last month and $250 of the supplies are still on hand. 5. Accrual basis expense: 5 6 Cash basis expense: 5 Use the following to answer 7-8 Following is a February transaction for a company, Calculate the amount of revenue to recognize in February in February the company received $30,000 cash from customers for services; $20,000 was provided this month and $10,000 is to be provided next month 7. Accrual basis revenue: 5 8. Cash basis revenue: 5