$10.$ Use the following information to compute the values for each of the following items.

Table Summary: A table has $4$ columns; columns $1$ and $3$ list variables while columns $2$ and $4$ list dollar amount.

Cash revenue $$500,000$ Cash expenses $$330,000$

Depreciation $25,000$ Cost of new tractor $150,000$

Beginning inventory value $64,000$ Ending inventory value $42,000$

Beginning accounts receivable $4,200$ Ending accounts receivable $0$

Beginning accounts payable $12,560$ Ending accounts payable $4,500$

Cash$-$basis net farm income $$\_\_\_\_\_\_\_\_\_\_$

Gross revenue on the accrual basis $$\_\_\_\_\_\_\_\_\_\_$

Accrual$-$basis net farm income $$\_\_\_\_\_\_\_\_\_\_$

Answer rating: 100% (QA)

To compute the values for each of the following items we can use the information provided 1 Cash bas... View the full answer