Concordia Industries collected $105,000 from customers in 2014. Of the amount collected, $28,000 was from revenue accrued from services performed in 2013. In addition, Concordia recognized $44,000 of revenue in 2014, which will not be collected until 2015. Concordia Industries also paid $72,000 for expenses in 2014. Of the amount paid, $30,000 was for expenses incurred on account in 2013. In addition, Concordia incurred $37,000 of expenses in 2014, which will not be paid until 2015.

Instructions
(a) Compute 2014 cash-basis net income.
(b) Compute 2014 accrual-basis net income.