Gregg Corp. reported revenue of $1,650,000 in its accrual basis income statement for the year ended...

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Gregg Corp. reported revenue of $1,650,000 in its accrual basis income statement for the year ended June 30, 2021. Additional information was as follows: Accounts receivable June 30, 2020 Accounts receivable June 30, 2021 Unearned revenue decreased during fiscal year 2021 Under the cash basis, Gregg should report revenue of ? $400,000 530,000 15,000 Gregg Corp. reported revenue of $1,650,000 in its accrual basis income statement for the year ended June 30, 2021. Additional information was as follows: Accounts receivable June 30, 2020 Accounts receivable June 30, 2021 Unearned revenue decreased during fiscal year 2021 Under the cash basis, Gregg should report revenue of ? $400,000 530,000 15,000

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To calculate the cash basis revenue we need to adjust the accrual basis revenue for change... View the full answer