A company maintains its records using cash-basis accounting. During the year, the company received cash from...
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A company maintains its records using cash-basis accounting. During the year, the company received cash from customers, $36,000, and paid cash for salaries, $28,000. At the beginning of the year, customers owe the company $3,300. By the end of the year, customers owe $5,800. At the beginning of the year, the company owes salaries of $3,400. At the end of the year, the company owes salaries of $5,900. Determine cash-basis net income and accrual-basis net income for the year. Net Income Cash-basis net income Accrual-basis net income A company maintains its records using cash-basis accounting. During the year, the company received cash from customers, $36,000, and paid cash for salaries, $28,000. At the beginning of the year, customers owe the company $3,300. By the end of the year, customers owe $5,800. At the beginning of the year, the company owes salaries of $3,400. At the end of the year, the company owes salaries of $5,900. Determine cash-basis net income and accrual-basis net income for the year. Net Income Cash-basis net income Accrual-basis net income
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Answer rating: 100% (QA)
ANSWER Net Income Cash basis net income 8000 Accrual basis net inc... View the full answer
Related Book For
Financial Accounting
ISBN: 978-0078025549
3rd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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