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  • The Records of Summers Building Company Reveal The Following Information

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    Taimour Hassan
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    The document summarizes the financial records of Summers Building Company for 2019. It reveals that the company had $273,500 in cash receipts including $50,000 from stockholders. Cash payments were $164,850 including $8,000 in dividends. The total value of services billed to customers was $201,700. Salaries for employees were $114,250 and supplies cost $47,325.

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    The Records of Summers Building Company Reveal the Following Information

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    The document summarizes the financial records of Summers Building Company for 2019. It reveals that the company had $273,500 in cash receipts including $50,000 from stockholders. Cash payments were $164,850 including $8,000 in dividends. The total value of services billed to customers was $201,700. Salaries for employees were $114,250 and supplies cost $47,325.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    64 views1 page

    The Records of Summers Building Company Reveal The Following Information

    Uploaded by

    Taimour Hassan
    The document summarizes the financial records of Summers Building Company for 2019. It reveals that the company had $273,500 in cash receipts including $50,000 from stockholders. Cash payments were $164,850 including $8,000 in dividends. The total value of services billed to customers was $201,700. Salaries for employees were $114,250 and supplies cost $47,325.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    The records of Summers Building Company reveal the

    following information #2291


    The records of Summers Building Company reveal the following information

    The records of Summers Building Company reveal the following information for 2019.

    a. Cash receipts during 2019 (including $50,000 paid by stockholders in exchange for common
    stock) were $273,500.

    b. Cash payments during 2019 (including $8,000 of dividends paid to stockholders) were
    $164,850.

    c. Total selling price of services billed to customers during 2019 was $201,700.

    d. Salaries earned by employees during 2019 were $114,250.

    e. Cost of supplies used during 2019 in operation of the business was $47,325.

    Required:

    1. Calculate Summers Building's net income for 2019 on an accrual basis.

    2. Calculate Summers Building's net income for 2019 on a cash basis.

    3. Explain how cash-basis accounting allows for the manipulation of income.

    The records of Summers Building Company reveal the following information

    ANSWER
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