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Use the following to answer questions 1-4 The company's computer system was damaged before preparing the financial statements. The company was able to get
Use the following to answer questions 1-4 The company's computer system was damaged before preparing the financial statements. The company was able to get the following information pieced together. The company wants to know total revenue and total supplies expense for the period. For simplicity, we assume only one expense account (salaries). Cash received from customers $425,000 Cash paid for salaries 290,000 Accounts receivable (beginning balance) 32,000 Accounts receivable (ending balance) 45,000 Salaries payable (beginning balance) 8,000 Salaries payable (ending balance) 3,000 All sales are on account. Salaries are recorded before they are paid. CREATE A T-ACCOUNT FOR ACCOUNTS RECEIVABLE AND SALARIES PAYABLE TO HELP ANSWER #1 &2. 1. Determine the amount of accrual basis revenue earned during the year: $ 2. Determine the amount for accrual basis salaries expense for the year: $ 3. Determine accrual basis net income: $ 4. Determine cash basis net income: $
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