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Question - Wyman Co. reported $36,000 of cash provided by operating activities and the following data:
Amortization $45,000
Increase in accounts payable $12,000
Increase in wages payable $8,000
Decrease in taxes payable $2,000
Required - What must have been Wyman's profit/loss for the period?
A) $54,000 loss
B) $27,000 loss
C) $12,000 loss
D) $10,000 profit
Explain how cash and accrual accounting differs for each of the events listed in the above scenario and describe the proper accrual accounting
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