Vickelly Company uses cash-basis accounting. At the end of the current year, Vickelly's checkbook shows cash receipts from

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Question:

Vickelly Company uses cash-basis accounting. At the end of the current year, Vickelly's checkbook shows cash receipts from customers of $112,000 and cash payments for operating expenses of $48,000 for the year. At the end of the year, Vickelly determined that customers owed it $12,000, and it owed creditors $10,000. Compute Vickelly's sales revenue, operating expenses, and net income on an accrual basis.

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