Please help me Carter Company has tracked the sales revenues and expenses for the month of March 2020. Thetable below reports what the company earned in sales revenues or incurred as an expense,including the amount of cash the company can expect to receive or pay next period.Total Sales RevenueCash to be received oror Expense$15,000$800$17,000$9,000paid in next period$12,000$160$8,000$900Sales RevenuesUtilities ExpenseSalaries ExpenseSales Revenues$13,500$5,000$4,500$0$0$2,800Sales RevenuesDepreciation ExpenseSupplies ExpenseRequired1. Calculate the net income for March 31, 2020 under accrual basis of accounting and cashbasis of accounting.2. If you were reviewing this company, which basis of accounting would fairly represent thecompany and why.

Cash basis:- Under this system, revenues and expenses are recorded when they are actually received…

Required Calculate the net income for March 31, 2020 under accrual basis of accounting and cash basis of accounting. 1. 2. If you were reviewing this company, which basis of accounting would fairly represent the company and why.

Required Calculate the net income for March 31, 2020 under accrual basis of accounting and cash basis of accounting. 1. 2. If you were reviewing this company, which basis of accounting would fairly represent the company and why.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 24CE

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Question

Please help me

Carter Company has tracked the sales revenues and expenses for the month of March 2020. The
table below reports what the company earned in sales revenues or incurred as an expense,
including the amount of cash the company can expect to receive or pay next period.
Total Sales Revenue
Cash to be received or
or Expense
$15,000
$800
$17,000
$9,000
paid in next period
$12,000
$160
$8,000
$900
Sales Revenues
Utilities Expense
Salaries Expense
Sales Revenues
$13,500
$5,000
$4,500
$0
$0
$2,800
Sales Revenues
Depreciation Expense
Supplies Expense
Required
1. Calculate the net income for March 31, 2020 under accrual basis of accounting and cash
basis of accounting.
2. If you were reviewing this company, which basis of accounting would fairly represent the
company and why.

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