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ABC Company uses cash basis accounting for its records. During 2010, ABC collected $400,000 from its customers, made payments of $300,000 to its suppliers for inventory, and paid $140,000 for operating costs. ABC wants to prepare accrual basis financial statements. In gathering information for the accrual basis financial statements, ABC discovered the following: Customers owed ABC $45,000 at the beginning of 2010 and $55,000 at the end of 2010. ABC owed suppliers $20,000 at the beginning of 2010 and $28000 at the end of the 2010. ABC's beginning inventory was $40000 and its ending inventory was $44000. What should ABC's Gross Profit be on the accrual basis?
UNITs UNIT COST UNIT SALE PRICE AUG 3 SALE 45 $ 83 8 PURCHASE 75 $ 52 21 SALE 70 $ 85 30 PURCHASE 10 $ 55 Decorative steel began August with 55 units of iron inventory th
Limitations of Funds Flow Statement : despite the a variety of uses of the announcement, it has convinced problems also. They consist of the subsequent i) It cannot substitute
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