Question: Vickelly Company uses cash basis accounting At the end of the
Vickelly Company uses cash-basis accounting. At the end of the current year, Vickelly’s checkbook shows cash receipts from customers of $112,000 and cash payments for operating expenses of $48,000 for the year. At the end of the year, Vickelly determined that customers owed it $12,000 and it owed creditors $10,000. Compute Vickelly’s sales revenue and operating expenses on an accrual basis.
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