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The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2024: 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, 2024:
| Selected Data as of December 31, 2024 | |
|---|---|
| Customers billed in 2024 for services provided in 2024 | $ 410,000 |
| Cash collections in 2024 for accounts billed in 2023 | 28,000 |
| Cash collections in 2024 for accounts billed in 2024 | 230,000 |
| Cash paid for supplies purchased in 2024 | 12,000 |
| Supplies remaining at the end of 2024 | 2,700 |
| Cash paid for salaries in 2024 | 10,500 |
| Cash paid for annual rent on March 1, 2024 | 19,000 |
Required:
Calculate the amount of revenues and expenses for 2024 under cash-basis accounting.
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