Textbook Problem

(Appendix 3.1) Vickelly Company uses cash-basis accounting. At the end of the current year, Vickelly’s checkbook shows cash receipts from customers of $112,000 and cash payments for operating expenses of $48,000 for the year. At the end of the year. Vickelly determined that customers owed it $12,000, and it owed creditors $1 0,000. Compute Vickelly’s sales revenue, operating expenses, and net income on an accrual basis.