Question: Y2 3.1 Timing Issues In 2022, Abbott Company performs work for a customer and bills the customer $13,000; it also pays expenses of $4,000. The

3.1 Timing Issues In 2022, Abbott Company performs work for a customer and bills the customer $13,000; it also pays expenses of $4,000. The customer pays Abbott in 2023. If Abbott uses the accrual-basis of accounting, then Abbott will report revenue of $13,000 in 2023. profit of $13,000 in 2022. revenue of $13,000 in 2022. profit of $13,000 in 2023.

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