The following data are taken from the cash-basis accounting records of Myerso Co

Question

The following data are taken from the cash-basis accounting records of Myerso Company for the year ended December 31, 2018: Selected Data as of December 31, 2018 Customers billed in 2018 for services Cash collections in 2018 for accounts billed Cash collections in 2018 for accounts billed s 490,000 provided in 2017 in 2018 29,000 220,000 Cash paid for supplies purchased in 2018 Supplies remaining at the end of 2018 Cash paid for salaries in 2018 Cash paid for annual rent on March 1, 2018 14,000 2,400 4,500 21,000 Calculate the amount of revenues and expenses for 2018 under accrual-basis accounting. (Round your final answers to the nearest whole dollar.) Accrual-basis revenues

Explanation / Answer

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Accrual basis revenue Amount($) Amount($) Customers billed in 2018 for services provided 490000 Accrual basis Expenses Cash paid to supplies purchased in 2018 14000 Supplies remaining at the end of 2018 2400 16400 Cash paid for salaries in 2018 14500 Cash paid for annual rent 21000 Accrual basis Expenses 51900

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