The following data are taken from the cash-basis accounting records of Sth Company for the year ended December 31, 20X1 300 25 Selected Data as of December 31, 20X1 Cash collections in 20x1 for accounts billed in 20X1 Cash collections in 20X1for accounts billed in 20x0 Customers billed in 20x1 for services provided Cash paid for utility incurred in 20X1 Cash paid for supplies purchased in 20X0 Cash paid on May 1, 20x1 for annual rent from May 1, 20x1 to April 30, 20X2 $145 25 75 18 Required: Please choose the best answer to the following questions based on the above information What is the amount of revenues under cash-basis accounting in 20X1? O $325 O $145 O $470 $300 What is the amount of expenses under cash-basis accounting in 20X1? $43 $100 O $118 O $37 What is the amount of expenses under accrual-basis accounting in 20X1? O $100 $118 O $37 O $43 27 On March 17. Fox Lumber sells materials to Whitney Construction for $12,000, terms 2/10, 1/30 Whitney pays for the materials on March 23. What is the amount of net revenues (sales minus sales discounts) as of March 23? Multiple Choice O $12000 O $0 $11760 O $12220 ABC provides services of $48100 to the client on April 12 of the current year with terms 1/15, 1/60 What would ABC record on April 12? 2 A Accounts Receivable Sales Revenue 18 Accounts Receivable Sales Revenue Sales Discounts C Accounts Receivable Sales Revenue p. Accounts Receivable Sales Discounts Sales Revenue 47,619 47,619 48, 100 47,619 481 48, 100 |48, 100 148, 100 481 48,581 Multiple Choice O Option A O Options O Option O Option D