Reference no: EM132613406
Assume that ABC Co has collected cash from customer in the amount of Birr. 150,000 and paid operating expense of birr 100,000 for the period ended on September 30,2012.
The following table also shows additional information :
Account name September 30, 2012 September 30, 2012
account relivable 12000 16000
Prepaid expense 5400 3300
Unearned revenue 32000 28000
Accrued expense 18000 16000
Required.
Problem 1: Find profit. For ABC Co.. As at September 30,2012
1, based on cash basis of accounting ,
2, based on accrual basis of accounting,
3. based on modified cash basis of accounting.,
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