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

question 130

Short Answer

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

---

Definitions:

Sodium Chloride

A chemical compound commonly known as salt, widely used in food seasoning and preservation, as well as in medical therapies.

Gravity Drip Tubing

Tubing used to deliver intravenous fluids and medications, relying on gravity to control the rate of infusion instead of a pump.

Minute Flow Rate

The rate at which a fluid flows through a system, measured in units per minute.

Hypernatremia

A medical condition characterized by high concentration of sodium in the blood.