Your examination of the records of Southlake Co. shows
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Your examination of the records of Southlake Co. shows the company collected $85,500 cash from customers and paid $48,
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Your examination of the records of Southlake Co. shows the company collected $85,500 cash from customers and paid $48,400 cash for operating costs during 2014. If Southlake followed the accrual basis of accounting, it would report the following year-end balances: Instructions (a) Determine Southlake's profit on a cash basis for 2014. (b) Determine Southlake's profit on an accrual basis for 2014. TAKING IT FURTHER Which method do you recommend Southlake use? Why?
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