Question
The following information were taken from the records of ABC Company: Collections during the year P5,000 Accrued income, Jan. 1 700 Accrued income, Dec. 31
The following information were taken from the records of ABC Company:
| Collections during the year | P5,000 |
| Accrued income, Jan. 1 | 700 |
| Accrued income, Dec. 31 | 1,200 |
| Unearned income, Jan. 1 | 300 |
| Unearned income, Dec. 31 | 100 |
1. How much is the reported income under using: accrual basis of accounting
2. How much is the reported income under using: pure-cash basis?
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Core Concepts of Accounting Information Systems
Authors: Mark G. Simkin, Jacob M. Rose, Carolyn S. Norman
12th edition
1118022300, 978-1118022306
