The following data are taken from the cash-basis accounting records of Wilson Company for the year...
The following data are taken from the cash-basis accounting records of Wilson Company for the year ended December 31, 2021:
Selected Data as of December 31, 2021
|
Customers billed in 2021 for services provided |
$400,000 |
|
Cash collections in 2021 for accounts billed in 2020 |
20,000 |
|
Cash collections in 2021 for accounts billed in 2021 |
300,000 |
|
Cash paid for supplies purchased in 2021 |
12,000 |
|
Supplies remaining at the end of 2021 |
2,000 |
|
Cash paid for salaries in 2021 |
10,000 |
|
Cash paid for annual rent on March 1, 2021 |
18,000 |
Calculate the amount of revenue and expenses for 2021 under accrual-basis accounting
Homework Answers
Revenue = Services billed
= $400,000 Revenue
Supplies expense = $12,000 - $2,000 = $10,000
Salaries expense = $10,000
Rent expenses (Mar to Dec) = $18,000 X 10/12 = $15,000
Total expenses = 10,000 + 10,000 + 15,000 = $35,000 Expenses
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