Reference no: EM13127669
XXX maintains its records on the cash basis. During 2011, XXX collected cash of $670,000 from customers and paid $321,000 to suppliers. Depreciation expense of $25,000 would have been recorded on the accrual basis. On December 31, 2011, XXX abandoned assets that had a cost of $20,000 and related accumulated depreciation of $5,000. On July 1, 2011 XXX sold investments that cost $20,000 for $25,000. XXX had the following balances on January 1, 2011: accounts receivable $14,000, prepaid expenses $12,000, accounts payable $18,000, supplies, $2,000, inventory $43,000 and accrued liabilities $21,000; and the following balances at December 31, 2011: accounts receivable $16,000, prepaid expenses $13,000, accounts payable $19,000, supplies $1,000, inventory $40,000, and accrued liabilities $19,000. Calculate XXX 's accrual basis net income.
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: XXX maintains its records on the cash basis. During 2011, XXX collected cash of $670,000 from customers and paid $321,000 to suppliers. Depreciation expense of $25,000 would have been recorded on the accrual basis.
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