Guay Corp., a start-up company, provided services that were acceptable to its customers and billed those customers
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Guay Corp., a start-up company, provided services that were acceptable to its customers and billed those customers for $350,000 in 2018. However, Guay collected only $280,000 cash in 2018, and the remaining $70,000 of 2018 revenues were collected in 2019. Guay employees earned $200,000 in 2018 wages that were not paid until the first week of 2019. How much net income does Guay report for 2018? For 2019 (assuming no new transactions)?
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Explanation All of the revenue is reported in 2018 when services are providedper ...View the full answer
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Related Book For 
Financial Accounting
ISBN: 9781618533111
6th Edition
Authors: Michelle L. Hanlon, Robert P. Magee, Glenn M. Pfeiffer, Thomas R. Dyckman
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