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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
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
Determining Cash Balance) The controller for Clint Eastwood Co. is attempting to determine the amount of cash to be reported on its December 31, 2014, balance sheet. The following information is provided.
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