The following data are taken from the cash-basis accounting records of Myerson C

Question

The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2018 Selected Data as of December 31, 2018 S 500,000 Customers billed in 2018 for services provided Cash collections in 2018 for accounts billed in 2017 Cash collections in 2018 for accounts billed in 2018 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 20,000 270,000 12,000 2,900 11,500 26,000 Calculate the amount of revenues and expenses for 2018 under cash-basis accounting Cash-basis revenues Cash-basis expenses

Explanation / Answer

Calculate cash basis revenue and cash basis expense :

Cash basis revenue (20000+270000) 290000 Cash basis expense (12000+11500+26000) 49500

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