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Basic principle of Accrual basis income statement

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Stephen Anest started a new business called ‘Repairs R Us, Inc.’ at the start of the year. Unfortunately, Stephen has not managed any accounting records, except for keeping track of all cash receipts and cash disbursements that are given below. Additionally, all unpaid invoices are stored in a file till they are paid.

Anest has asked you to make an accrual basis income statement for the year. The following information must aid in the preparation of income statement:

i) The equipment has a useful life of ten years.

ii) Supplies on hand at the end of the period have a cost of $3,000.


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