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Calculate the revenue for the year on an accrual basis

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Reference no: EM132717680

Packers Inc. reported the following information for their 2020 fiscal year:

                                                                            Debt                     Credit

Revenue on the income statement                                            $171,000

Accounts receivable, Jan 1                         4,800

Accounts receivable, Dec 31                       9,180

Unearned revenue, Jan 1                                                        1,800

Unearned revenue earned in 2020                                                300

Unearned revenue, Dec 31                                                        2,760

Instructions

Problem 1: Calculate the revenue for the year on a cash basis.

Problem 2: Calculate the revenue for the year on an accrual basis.

Reference no: EM132717680

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