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Urgent need the answers, quick questions please :) Bentley Inc. starts business on January 1, 2020. The transactions below occurred: 1 - 2- 3- 5-
Urgent need the answers, quick questions please :)
Bentley Inc. starts business on January 1, 2020. The transactions below occurred: 1 - 2- 3- 5- Total sales quals S90,250 and 80% of these sales were cash sales Inventory costing $55,000 was purchased on account. Cost of goods sold during the year was $45.000. Payments made to suppliers of inventory totaled $35,000. Wages of S34,000 were paid during the year. In addition, wages of $4,500 remained unpaid at year end Supplies costing $5,000 were purchased on account during the year. $700 of the supplies were still unused at the end of the year. Paid $4,500 to suppliers for purchases that were previously made on account. 7- 1.) Taking in account the transactions, net income that would be reported under cash basis is which of the following: $72,200 a. b. $-1,300 C. None of the above. d. $ +1,300 ii) Taking in account the transactions, net income that would be reported under the accrual basis equals a. $2,450 b. $6,750 c. $90,250 Od $1,300Step by Step Solution
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