Sarah owns a jewelry store and prepares her financial statements using the accrual basis of accounting. However,
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Question:
Accrual based net income: $40,000 |
Beginning accounts receivable: $60,000 |
Ending accounts receivable: $37,000 |
Beginning accounts payable: $24,000 |
Ending accounts payable: $30,000 |
a. 63,000
b. 69,000
c. 40,000
d. 11,000
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo-Ann L. Johnston, Peter R. Norwood
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