Venice Corp. maintains its accounting records on the cash basis but restates its financial statements to the accrual met

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Venice Corp Maintains Its Accounting Records On The Cash Basis But Restates Its Financial Statements To The Accrual Met 1 (22.54 KiB) Viewed 106 times

Venice Corp. maintains its accounting records on the cash basis but restates its financial statements to the accrual method of accounting Venice had $120,000 in cash-basis pretax income for 2018. The following information pertains to Venice's operations for the years ended December 31, 2018, and 2017: Accounts receivable Accounts payable 2017 $80,000 40,000 2018 $50,000 60,000 Under the accrual method what amount of income before taxes should Venice report on its December 31, 2018 income statement? Select one: a $130,000 b. $110,000 Oc$70,000 Od $120,000 e $170,000