Venice Corp. maintains its accounting records on the cash basis but restates its financial statements...
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Accounting
Venice Corp. maintains its accounting records on the cash basis but restates its financial statements to the accrual method of accounting. Venice had $120,000 in cash-basis pretax income for 2018. The following information pertains to Venice's operations for the years ended December 31, 2018 and 2017: Accounts receivable Accounts payable 2018 $40,000 30,000 2017 $80,000 60.000 Under the accrual method, what amount of income before taxes should Venice report on its December 31, 2018 income statement? Select one: a. $130,000 b. $110,000 c. $70,000 d. $50,000 e. $190,000
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