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The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2015: Selected Data as of December
The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2015:
Selected Data as of December 31, 2015:
Customers billed in 2015 for services provided | $490,000 |
Cash collections in 2015 for accounts billed in 2014 | 22,000 |
Cash collections in 2015 for accounts billed in 2015 | 200,000 |
Cash paid for supplies purchased in 2015 | 17,000 |
Supplies remaining at the end of 2015 | 2,800 |
Cash paid for salaries in 2015 | 11,500 |
Cash paid for annual rent on March 1, 2015 | 22,000 |
Calculate the amount of revenues and expenses for 2015 under accrual-basis accounting. (Round your final answers to the nearest whole dollar.)
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