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CASE
CASE
Less: Unearned income end -600,000 To be earned next year, received this year
Income receivable, beg -250,000 Earned last year, received this year
Income for the current year-accrual basis 1,600,000 All cash earned this year, regardless when
Accrual to cash
Accrual income for the current year 1,600,000 All income earned this year, regardless wh
Add: Unearned income, end 600,000 Received this year, to be earned next year
Income receivable, beg. 250,000 Received this year, earned last year
Less: Unearned income, beg -800,000 Received last year, earned this year
Income receivable, end. -450,000 Receivable next year, earned this year
Cash basis income 1,200,000
Cash to accrual
Expenses paid in cash this year 2,000,000 Expenses paid this year, regardless when i
Add: Prepaid expenses, beg. 700,000 Incurred this year, paid last year
Accrued expenses, end 1,200,000 Incurred this year, to be paid next year
Less: Accrued expenses, beg. -950,000 Incurred last year, paid this year
Prepaid expenses, end -1,500,000 To be incurred next year, paid this year
Expenses - accrual basis 1,450,000 Expenses incurred this year, regardless wh
Accrual to cash
Expenses - accrual basis 1,450,000
Add Accrued expenses, beg 950,000 Paid this year, incurred last year
Prepaid expenses, end 1,500,000 Paid this year, to be incurred next year
Less Prepaid exp, beg -700,000 Paid last year, incurred this year
Accrued exp, end -1,200,000 To be paid next year, incurred this year
Expenses paid in cash this year 2,000,000
ash received this year, regardless when earned
ed this year, received last year
ed this year, receivable next year