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What amount should the company report

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Question - A company records items on the cash basis throughout the year and converts to an accrual basis for year-end reporting. Its cash-basis net income for the year is $70,000. The company has gathered the following comparative Balance Sheet information:

 

Beginning of year

End of year

Accounts payable

$3,000

$1,000

Unearned revenue

300

500

Wages payable

300

400

Prepaid rent

1,200

1,500

Accounts receivable

1,400

600

Required - What amount should the company report as its accrual-based net income for the current year?

a. $68,800

b. $70,200

c. $71,200

d. $73,200

Reference no: EM133071079

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