Chapter 2 Review of the Accounting Process Exercises 2–18 | Study Guide - Edubirdie

University:
Concordia University Wisconsin
Course:
ACCT 3100 | Intermediate Accounting I
Academic year:

2021
Views:

228

Pages:

1
Author:

5prinzg1s

Exercise 2–18 Cash basis income ($545,000 – 412,000) Add: Increase in prepaid insurance ($6,000 – 4,500) Deduct: Depreciation expense Decrease in accounts receivable ($62,000 – 55,000) Decrease in prepaid rent ($9,200 – 8,200) Increase in unearned service fee revenue ($11,000 – 9,200) Increase in accrued liabilities ($15,600 – 12,200) $133,000 Accrual basis net income $ 99,300 1,500 (22,000) (7,000) (1,000) (1,800) (3,400) 2– Solutions Manual, Vol.1, Chapter 2 33

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