Beta had cash sales of $75,000 and credit sales of $65,000. Beta's operating expenses (not including depreciation) were $90,000, of which $20,000 cash was paid. In addition, Beta purchased a truck on the first day of the current year for $30,000 cash that was expected to have a useful life of 5 years and no salvage value (straight-line depreciation). 

What was Beta's accrual basis and cash basis net income?

Answer rating: 100% (QA)

To calculate Betas accrual basis and cash basis net income we need to consider both cash and credit ... View the full answer