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Your examination of the records of a company that follows the cash basis of accounting tells you that the companys reported cash-basis earnings in 2017
Your examination of the records of a company that follows the cash basis of accounting tells you that the companys reported cash-basis earnings in 2017 are $33,640. If this firm had followed accrual-basis accounting practices, it would have reported the following year-end balances.
Accounts receivable |
| $2,800 | ||||
Supplies on hand |
| 1,460 | ||||
Unpaid wages owed |
| 2,400 | ||||
|
| 1,100 |
Determine the companys net earnings on an accrual basis for 2017. (3,400 column)
Net earnings on an accrual basis for 2017 = Need Answer (I got $33,380 but it was wrong) |
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