The following data are taken from the cash-basis accounting records of U9z Company for the...
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Accounting
The following data are taken from the cash-basis accounting records of U9z Company for the year ended December 31, 20X1: 16 300 40 8 01:09:40 Selected Data as of December 31, 20X1 Cash collections in 20X1 for accounts billed in 20X1 Cash collections in 20X1 for accounts billed in 20X0 Customers billed in 20x1 for services provided Cash paid for utility incurred in 20X1 Cash paid for supplies purchased in 20X0 Cash paid on May 1, 20x1 for annual rent from May 1, 20X1 to April 30, 20X2 $145 15 70 18 Required: Please choose the best answer to the following questions based on the above information. What is the amount of revenues under cash-basis accounting in 20X1? O $145 O $300 O $485 O $340 What is the amount of expenses under cash-basis accounting in 20X1? O $103 O $85 O $27 O $33 What is the amount of expenses under accrual-basis accounting in 20X1? O $27 O $103 O $85 O $33
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