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Inventory 2015 $30,608 2016 $11,374 Acct Payable 2015

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Inventory...

Inventory 2015 $30,608 2016 $11,374Acct Payable 2015 $102,872 2016 $41,791Acct Receivable 2015 $ $94,038 2016 $157,190

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

My question is with these changes in my balance sheet,if i am on accrual basis S corp....how is my income affected,

Submitted: 11 months ago.Category: Finance
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Answered in 21 minutes by:
9/13/2017
Financial Professional: Manal Elkhoshkhany, Tutor replied 11 months ago
Manal Elkhoshkhany
Category: Finance
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Hello,

is this a real world situation or a school problem? If it is a school problem, please post the full problem

Thank you

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Customer reply replied 11 months ago
Real world
Financial Professional: Manal Elkhoshkhany, Tutor replied 11 months ago

Thank you :) I will opt out then and let another expert who is qualified to address the question help.

All the best

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Financial Professional: PDtax, CPA, MBA replied 11 months ago
PDtax
PDtax, CPA, MBA
Category: Finance
Satisfied Customers: 5,123
Experience: Tax professional and business consultant for 35 years.
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I'mCustomer I see you need an expert. I can assist.

You can assume that your tax cash income should remove the a/r difference of 63,152 from income. Then add 61,081 for the payables effect. The difference almost washes out.

Thanks for asking at just answer. Positive feedback and a bonus if warranted are appreciated. I'mCustomer

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Customer reply replied 11 months ago
Please make no assumptions about cash. Only the information provided.For example please confirm.As AR Increases profits increaseIf inventory increases profits increaseIf AP increases profits decrease.Thanks
Financial Professional: PDtax, CPA, MBA replied 11 months ago

No assumption about cash made.

Meet increase in receivables increased accrual basis income. If you start with accrual basis, removing receivables decreases income for cash basis.

Decreases in payables decrease cash basis income as those reductions are treated as current year expenses.

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