Question: Using the information below, compute the total accrual sales. Alphabets accounting record nou baie during the year. At year-end, it convertits books to the accrual

 Using the information below, compute the total accrual sales. Alphabets accounting
record nou baie during the year. At year-end, it convertits books to

Using the information below, compute the total accrual sales. Alphabets accounting record nou baie during the year. At year-end, it convertits books to the accrual basis for preparing to financial statements. At the end of 2020 (the first year of operation) Alpha reported the following balances on its post-closing trial balance the convertint to accrual basis December 31, 2020 Caceral) Debit Credit ch $ 6,000 Accounts receivable 12,000 Supplies 9.000 Imventory 30,000 Equipment 60,000 Accumulated depreciation $12,000 Acapable for inventory) 18.000 Salerna pevable 12.000 Umeme sales revenue 3.000 Income tax payable 9.000 Como stock 54,000 Retained $117.000 $117.000 At the end of 2021, Alpha in converted its books from a basis to accrual basis, and prepared a balance sheet and income ancoral basis The following information van wonilable u of December 31, 2021: 5328.000 Other information Alpha owned vendons (formatory) 527,000 Cates Custowed Alpha 18,000 Formupplies $ 12,000 Alpha od gloves 21.000 To vections for inventary) 60.000 Physical count of ending inventory 39.000 To love 72.000 Physical count ofendin epis 6,000 Todos 6.000 Ending med sales reve 12.000 Farol (DE) 45,000 Income tax rate for 2021 25% For the 2020 on March 15, 2021 9.000 plast wie wed 5 years with some values that the balance me for both cash and scorul Alphas the podietary $225,000 $234,000 $243,000 The correct answer is not listed $231,000 Next 22 Using the information below, compute the total accrual sales. krepite accounting records on cash basis during the year. At year converts its books to the soul batis for ring its financial statements. At the end of 2020 (the first year of operati pla reported the following balances on its post-clonin trial balance after convertinto accrual basis December 31, 2020 rul) Debst Credit Cash $ 6,000 Accounts receivable 12.000 Supplies 9,000 Inventory 30,000 Equipment 60,000 Accumulated depreciation $12,000 Accounts payable (for inventory) 18,000 Sans payable 12.000 Unearned sales revenue 3,000 Income tax payable 9,000 Common stock 54,000 Retained earnings 9.000 $117,000 $11,000 At the end of 2021, Alpha amin converted its books from cash basis to accrual basis, and prepared a balance sheet and income statement on an accrual basis The following information was available as of December 31, 2021: Catholics from customers $228,000 Other information Alpha owed vendors (for inventory) $27.000 Cashments Customers owed Alpha 18,000 For supplies $ 12,000 Alpha owed employees 21.000 To vendor (for inventory) 60,000 Physical count of ending inventory 39,000 To employees 72,000 Physical count of ending supplies 6,000 To stockholders 6,000 Ending wearned sales revenue 12.000 For other operating expenses (OE 45.000 Income tax rate for 2021 25% For the 2020 peld on March 15, 2021 9,000 Best 2020 cm 2020 tab) Alpha depreciate its equipment in the straight line method over 5 years with no salve value. Assume that the balance for other operating expense (OE) is the same for both cash and scorul Alpha was the periodic inventory system $225,000 $234.000 $243,000 The correct answer is not listed. $231,000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!