Claymore Corporation maintains its book on a cash basis.During 2016,the company collected $825,000 in fees from its clients and paid $512,000 in expenses.You are able to determine the following information about accounts receivable,supplies,prepaid rent,salaries payable,and interest payable:
In addition,2016 depreciation expense on office equipment and furniture is $55,000.
Required:
Determine accrual basis income for 2016.

Question

Claymore Corporation maintains its book on a cash basis.During 2016,the company collected $825,000 in fees from its clients and paid $512,000 in expenses.You are able to determine the following information about accounts receivable,supplies,prepaid rent,salaries payable,and interest payable:  
In addition,2016 depreciation expense on office equipment and furniture is $55,000.
Required:
Determine accrual basis income for 2016.

Quizplus · Accepted Answer

The Answer of Claymore Corporation maintains its book on a cash basis.During 2016,the company collected $825,000 in fees from its clients and paid $512,000 in expenses.You are able to determine the following information about accounts receivable,supplies,prepaid rent,salaries payable,and interest payable:  
In addition,2016 depreciation expense on office equipment and furniture is $55,000.
Required:
Determine accrual basis income for 2016.

Claymore Corporation Maintains Its Book on a Cash Basis