Question

Selected Data as of December 31, 2021 Customers billed in 2021 for services provided Cash collections in 2021 for accounts billed in 2020 Cash collections in 2021 for accounts billed in 2021 Cash paid for supplies purchased in 2021 Supplies remaining at the end of 2021 Cash paid for salaries in 2021 Cash paid for annual rent on March 1, 2021 $460,000 25,000 260,000 17,000 2,800 12,000 26,000 Calculate the amount of revenues and expenses for 2021 under accrual basis accounting. (Round your final answers to the nearest whole doliar.) Accrual basis revenues Accrual-basis expenses DO

Answer 1

Answers

Accrued Basis Revenues	$ 460,000
Accrued Basis Expenses	$   53,467

Calculations:

Accrued Basis Revenues
Revenue (Customer Billed in the year 2021)	$ 460,000
Accrued Basis Expenses
Supplies Expenses ($ 17,000 + $ 2,800)	$   19,800
Salaries Expenses	$   12,000
Rent Expenses	$   21,667
Total	$   53,467

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