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What is profit under accrual accounting

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Problem 1: Kanapy Ltd Company earned revenues of $9,500,000 in cash and $2,080,000 on account (i.e. with A/R) during 2020. Of the $2,080,000 on account, $880,000 was collected in cash in 2020 and the rest in 2021. The company incurred expenses of $1,000,000 in 2020 and made cash payments of S$720,000 towards the expenses in 2020. What is its profit in 2020 under accrual accounting?

Reference no: EM132998280

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