Based on the following transactions, calculate the revenues and expenses that would be reported (a) on...

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Based on the following transactions, calculate the revenues and expenses that would be reported (a) on the cash basis and (b) on the accrual basis: a. Credit sales to customers totalled $ 52,100. b. Cash sales totalled $ 153,600. C. Cash collections on account from customers totalled $ 52,100. d. Cost of goods sold during the period was $ 24,450. Payments made to suppliers of inventory totalled $ 48,600. Wages of $ 30,350 were paid during the year. In addition, wages of $ 1,800 remained unpaid at year end; there were no wages unpaid at the beginning of the year. g. Halfway through the year, a one-year insurance policy was purchased at a cost of $ 2,620. h. At the end of the year the company paid $3,300 for the first 3 months rent for the upcoming year. e. f. a. b. C. d. e. f. g. h. (a) on the cash basis Revenues 11 III Expenses (b) on the accrual basis Revenues Expenses Based on the following transactions, calculate the revenues and expenses that would be reported (a) on the cash basis and (b) on the accrual basis: a. Credit sales to customers totalled $ 52,100. b. Cash sales totalled $ 153,600. C. Cash collections on account from customers totalled $ 52,100. d. Cost of goods sold during the period was $ 24,450. Payments made to suppliers of inventory totalled $ 48,600. Wages of $ 30,350 were paid during the year. In addition, wages of $ 1,800 remained unpaid at year end; there were no wages unpaid at the beginning of the year. g. Halfway through the year, a one-year insurance policy was purchased at a cost of $ 2,620. h. At the end of the year the company paid $3,300 for the first 3 months rent for the upcoming year. e. f. a. b. C. d. e. f. g. h. (a) on the cash basis Revenues 11 III Expenses (b) on the accrual basis Revenues Expenses

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SI No a Credit Sales b d e f g h Cash Sales Particulars Cash Collection on account Cost of Goods Sol... View the full answer