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During 2016, Carson Network, Inc., which designs network servers, earned revenues of $860 million. Expenses totaled $560 million. Carson collected all but $25 million of the revenues and paid $610 million on its expenses. Requirements Carson's top managers are evaluating 2016, and they ask you the following questions: a. Under accrual accounting, what amount of revenue should Carson Network report for 2016? How does the revenue principle help to answer these questions? b. Under accrual accounting, what amount of total expense should Carson Network report for 2016? Which accounting principle helps to answer this question? c. Redo parts a and b using the cash basis. Explain how the accrual basis differs from the cash basis. d. Which financial statement reports revenues and expenses? Which statement reports cash receipts and cash payments? Requirement a. Under accrual accounting, what amount of revenue should Carson Network report for 2016? How does the revenue principle help to answer these questions? The amount of revenue that should be reported for the year is $ 860 million. The revenue principle says to record revenue when it has been earned , regardless of when cash is collected . Therefore, the amount of revenue reported is what Carson earned Requirement b. Under accrual accounting, what amount of total expense should Carson Network report for 2016? Which accounting principle helps to answer this question? The amount of total expense that should be reported for the year is $ 560 million. The expense recognition principle recognizes expenses in the same period in which any related revenues are earned. Requirement c. Redo parts a and b using the cash basis. Explain how the accrual basis differs from the cash basis. Revenue: $ 835 million Total expense: $ 610 million The accrual basis measures revenues as earned and expenses as incurred while the cash basis measures revenues collected in cash and expenses paid in cash. Requirement d. Which financial statement reports revenues and expenses? Which statement reports cash receipts and cash payments? The income statement reports revenues and expenses. The statement of cash flows reports cash receipts and cash payments