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Question
The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31, 2015:
| Selected Data as of December 31, 2015 | |
| Customers billed in 2015 for services provided | $400,000 |
| Cash collections in 2015 for accounts billed in 2014 | 20,000 |
| Cash collections in 2015 for accounts billed in 2015 | 300,000 |
| Cash paid for supplies purchased in 2015 | 12,000 |
| Supplies remaining at the end of 2015 | 2,000 |
| Cash paid for salaries in 2015 | 10,000 |
| Cash paid for annual rent on March 1, 2015 | 18,000 |
Calculate the amount of revenues and expenses for 2015 under accrual-basis accounting.
Answer
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