At the end of 2017, the accounting records of Trite Company showed the following data:...
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Accounting
At the end of 2017, the accounting records of Trite Company showed the following data:
|
| 2017 | 2018 | 2019 |
| Service revenue: |
|
|
|
| Cash | $35,000 | $55,000 |
|
| On credit | 28,000 | 17,000 |
|
| 2019 revenue collected in advance of 2019 (not Included in the $55,000) |
| 5,000 |
|
| Additional cash collections for: |
|
|
|
| 2017 service revenue | 8,000 | 4,000 |
|
| 2018 service revenue |
| 6,000 | $2,000 |
|
|
|
|
|
| Expenses: |
|
|
|
| Paid in cash | 22,000 | 32,000 |
|
| On credit | 3,000 | 9,000 |
|
| 2019 expenses paid in advance of 2019 (not Included in the $32,000) |
| 5,000 |
|
| Additional cash payments for: |
|
|
|
| 2017 expenses | 2,000 | 1,000 |
|
| 2018 expenses |
| 4,000 | 4,000 |
|
|
|
|
|
|
|
|
|
|
Complete the following tabulation:
|
| 2017 | 2018 |
| Service revenue that would be reported: |
|
|
| Accrual basis | $ | $ |
| Cash basis | $ | $ |
|
|
|
|
| Expenses that would be reported: |
|
|
| Accrual basis | $ | $ |
| Cash basis | $ | $ |
Please show calculations here:
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