Reference no: EM13257562
The income statement for Monroe's business shows thefollowing revenues and expenses for 2007, the initial years ofoperations:
Sales revenue (Including $19,000 credit sales uncollected at theyear-end) $95,000
Wages Expenses (Including $3,000 unpaid at the year-end) 29,000
Office expenses (supplies, copyingetc) 2,000
Bad debt expenses (of the $4,000 reserve established, $500 waswritten off as being unco 4,000
Utilities and Telephoneexpense* 5,000
Insuranceexpense* 4,000
Rent expense (Jan. 1, 2007-Jan. 31,2008) 9,750
*amount incurred is the same as the amount paid
(a) Calculate Monroe's AGI using the accrual method
(b) Calculate Monroe's AGI using the cash method
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