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Using the information below, compute the total accrual basis sales. Alpha keeps its accounting records on a cash basis during the year. At year-end,
Using the information below, compute the total accrual basis sales. Alpha keeps its accounting records on a cash basis during the year. At year-end, it coverts its books to the accrual basis for preparing its financial statements. At the end of 2021 (the first year of operation), Alpha reported the following balances on its post-closing trial balance after converting to accrual basis December 31, 2021 (accal) Debit Credit Cash $4,000 Accounts receivable 28,000 Supplies 8,000 Inventory 32,000 Equipment 60,000 Accumulated depreciation $12,000 Accounts payable (for inventory) 44,000 Salaries payable 16,000 Unnamed sales revenue 12,000 Income tax payable 4,000 Common stock 28,000 16.000 $132,000 $132,000 Retained earnings At the end of 2022, Alpha again converted its books from cash basis to accrual basis, and prepared a balance sheet and income statement on an accral basis The following information was available as of December 31, 2022 Cash receipts from customers $340,000 Other information: Cash payments Alpha owed vendors (for intory) Customers owed Alpha $36,000 34,000 For prepaid supplies To vendors (for inventory) To employees $ 12,000 160,000 132,000 Alpha owed employees 20,000 Physical count of inventory 40,000 Physical count of supplies 12,000 To stockholders 8,000 Ending earned sales reve 4,000 For other operating expenses (OE) 20,000 Income tax rate for 2022 29% For the 2021 income tax liability that was paid on March 15, 2022 with tax return (see trial balance) 4,000 Alpha depreciates its equipment using the straight-line method over 5 years with no salvage value Assume that the balance given for other operating expenses (OE) is the same for both cash and accrual Alpha uses the periodic inventory system $344,000 O $328,000 O $336,000 O The correct answer is not listed. O $352,000
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