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The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2021: 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, 2021:
Selected Data as of December 31, 2021 | ||
Customers billed in 2021 for services provided | $ | 400,000 |
Cash collections in 2021 for accounts billed in 2020 | 29,000 | |
Cash collections in 2021 for accounts billed in 2021 | 200,000 | |
Cash paid for supplies purchased in 2021 | 10,000 | |
Supplies remaining at the end of 2021 | 2,100 | |
Cash paid for salaries in 2021 | 13,500 | |
Cash paid for annual rent on March 1, 2021 | 20,000 | |
Calculate the amount of revenues and expenses for 2021 under cash-basis accounting.
Cash Basis revenue?
cash basis Expense?
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