The Following Data Are Taken from the Cash-Basis Accounting Records

question 77

Short Answer

The following data are taken from the cash-basis accounting records of Myerson Company for the year ended December 31,2012:
Calculate the amount of revenues and expenses for 2012 under cash-basis accounting.
Selected Data as of December 31,2012
$\begin{array}{lr}\text { Customers billed in } 2012 \text { for services provided } & \$ 400,000 \\\text { Cash collections in } 2012 \text { for accounts billed in } 2011 & 20,000 \\\text { Cash collections in } 2012 \text { for accounts billed in } 2012 & 300,000 \\\text { Cash paid for supplies purchased in } 2012 & 12,000 \\\text { Supplies remaining at the end of } 2012 & 2,000 \\\text { Cash paid for salaries in } 2012 & 10,000 \\\text { Cash paid for annual rent on March } 1,2012 & 18,000\end{array}$

Determine the role of supply managers in developing, negotiating, and managing outsourcing contracts.

Comprehend the concept and implications of service triads in outsourcing.

Understand reasons for making (insourcing) versus buying (outsourcing) decisions.

Identify what constitutes a core competency and how it influences outsourcing decisions.

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Definitions:

Open Door

A policy that allows employees to directly discuss their ideas, suggestions, or complaints with management without fear of repercussion.

Immediate Supervisor

The direct manager or authority figure responsible for overseeing an employee's daily performance and tasks.

Neutral Party

An individual or entity without bias, interest, or involvement that could affect impartiality in a situation or decision-making process.

Alternative Dispute Resolution

A range of methods, like mediation and arbitration, used to resolve conflicts outside of the traditional court system.