Mark's Machine Shop maintains the accounting records of the shop on a cash basis. During 20X8,...
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Mark's Machine Shop maintains the accounting records of the shop on a cash basis. During 20X8, Mark collected cash of $155,992 and paid out cash of $60,414. At January 1, accrued expenses was $3,096 and prepaid expenses was $2,035. By December 31, accrued expenses was $2,024 and prepaid expenses was $2,924. Calculate the accrual based net income. Mark's Machine Shop maintains the accounting records of the shop on a cash basis. During 20X8, Mark collected cash of $155,992 and paid out cash of $60,414. At January 1, accrued expenses was $3,096 and prepaid expenses was $2,035. By December 31, accrued expenses was $2,024 and prepaid expenses was $2,924. Calculate the accrual based net income.
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Related Book For
Intermediate Accounting
ISBN: 978-1118147290
15th edition
Authors: Donald E. Kieso, Jerry J. Weygandt, and Terry D. Warfield
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