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
$\begin{array}{lr}\text { Customers billed in } 2012 \text { for services provided } & \$ 400,000 \\\text { Cash collections in } 2012 \text { for accounts billed in } 2011 & 20,000 \\\text { Cash collections in } 2012 \text { for accounts billed in } 2012 & 300,000 \\\text { Cash paid for supplies purchased in } 2012 & 12,000 \\\text { Supplies remaining at the end of } 2012 & 2,000 \\\text { Cash paid for salaries in } 2012 & 10,000 \\\text { Cash paid for annual rent on March } 1,2012 & 18,000\end{array}$