Question

Olga Industries keeps records under the cash basis of accounting rather than the accrual basis. Olga's 2012 income statement and additional data from 2011 and 2012 are as follows:
All accrued revenues and expenses as of 12/31/11 were collected and paid, respectively, in 2012. All deferred revenues and expenses as of 12/31/11 were earned and used, respectively, in 2012.
Required
Convert revenues and expenses from the cash basis to the accrual basis and recalculate income. Briefly explain why each adjustment is made.


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  • CreatedJuly 16, 2015
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