Exercise 4-4
Your examination of the records of a company that follows the cash basis of accounting tells you that the company’s reported cash-basis earnings in 2017 are $34,600. If this firm had followed accrual-basis accounting practices, it would have reported the following year-end balances.
20172016Accounts receivable$3,400$2,700Supplies on hand1,6001,820Unpaid wages owed2,3202,350Other unpaid expenses1,7001,270
Determine the company’s net earnings on an accrual basis for 2017.
Net earnings on an accrual basis for 2017$
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