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Business, 15.02.2021 20:40 pinkycupcakes3oxbqhx

ABC Company keeps their accounting records on the cash basis. During the year, ABC received $270,000 from clients, and ABC paid $85,000 to cover operating expenses. Account balances as of the dates given are as follow: Jan 1 Dec 31 Change Accounts Receivable $24,000 $52,000 $28,000 Accrued Liabilities $56,000 $40,000 (16,000) Unearned Revenue $35,000 $45,000 10,000 Prepaid Expenses $26,000 $28,000 2,000 In addition, depreciation expense for the current year is $12,000. Net Income on the accrual basis is:

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ABC Company keeps their accounting records on the cash basis. During the year, ABC received $270,000...

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