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Venice Corp, maintains its accounting records on the cash basis but restates its financial statements to the accrual method of accounting. Venice had $120,000
Venice Corp, maintains its accounting records on the cash basis but restates its financial statements to the accrual method of accounting. Venice had $120,000 in cash-basis pretax income for 2018. The following information pertains to Venice's operations for the years ended December 31, 2018, and 2017. Accounts receivable $80,000 Accounts payable 2017 2018 $50,000 40,000 60,000 Under the accrual method, what amount of income before taxes should Venice report on its December 31, 2018 income statement? Select one: O a $130,000 O b. $110,000 Oc $70,000 Od $120,000 Oe. $170,000
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