Revenue and Expense Recognition Security Specialists performs security services for local busines5es, During the year,...
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Revenue and Expense Recognition Security Specialists performs security services for local busines5es, During the year, Security Specialists performed $933,700 of security services and collected $930,000 cash from customers. Security Specialist's employees earned salaries of s43,400 per month. Security services paid solaries of $495,000 cash for work performed. At the beginning of the year, there were $3,000 of supplies on hand. Supplie of $80,000 were purchased during the year, and $11,000 of supplies were on hand at the end of the year, Other general and administrativ expenses incurred during the year were $31,900. Required: 1. Calculate revenue and expenses for the year using the accrual method. Revenue Expenses 2. Prepare a singie-step income statement for the year. 1. Calculate revenue and expenses for the year using the accrual method. Revenue Expenses 2. Prepare o single-step income statement for the year. 3. Conceptual Connection: Describe the accounting principles used to propare the income statement. The income statement was prepared using the recognition principles
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