On December 31, 2017, a business completed the first year of operations. The following data are available
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Question:
On December 31, 2017, a business completed the first year of operations. The following data are available from the company's accounting records:
Services to customers $265,000
Collections from customers 185,000
Interest earned and received on savings accounts 1,100
Amount paid on January 1 for one and one-half years' rent 18,000
Utility bill owed: to be paid next month 1,350
Wages paid to employees 71,000
Wages owed to employees at year-end 3,500
Interest due at 12/31 on a loan to be paid the middle of next year 950
Requirement:
What is the net income or (loss) for the year in terms of accrual basis accounting?
Expert Answer:
Services to customers 265000 Collections from customers 185000 Interest earned and rece... View the full answer
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