The Following Data Are Taken from the Cash-Basis Accounting Records $\text { Selected Data as of December 31, } 2012$

question 148

Essay

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

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Definitions:

Long-Range Marketing Plans

Strategic frameworks that outline a company's marketing efforts over a period typically exceeding one year, focusing on overall goals and major initiatives.

Marketing Investments

Funds allocated towards marketing efforts intended to promote a business, increase brand awareness, and drive sales.

Marketing Programs

Coordinated strategies designed to promote and sell products or services.

Marketing Tactics

The detailed day-to-day operational marketing actions for each element of the marketing mix that contribute to the overall success of marketing strategies.