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11. Class Corp. maintains its accounting records on the cash basis but restates its financial...

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Accounting

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11. Class Corp. maintains its accounting records on the cash basis but restates its financial statements to the accrual method of accounting. Class had $60,000 in cash-basis pretax income for 2015. The following information pertains to Class's operations for the years ended December 31, 2015 and 2014: 2015 $40,000 15,000 2014 $20,000 30,000 Accounts receivable Accounts payable Under the accrual method, what amount of income before taxes should Class include in its 2015 income statement

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