Cullumber Industries collected $104,000 from customers in 2022. Of the amount collected, $24,300 was for services performed in 2021. In addition, Cullumber performed services worth $40,300 in 2022, which will not be collected until 2023.

Cullumber Industries also paid $71,800 for expenses in 2022. Of the amount paid, $30,500 was for expenses incurred on account in 2021. In addition, Cullumber incurred $41,800 of expenses in 2022, which will not be paid until 2023.

(a) Compute 2022 cash-basis net income.

Cash-basis net income

$enter the cash-basis net income amount in dollars

(b) Compute 2022 accrual-basis net income.

Accrual-basis net income

$enter the accrual-basis net income amount in dollars

Answer rating: 100% (QA)

a Net Income under cash Badis Tot al cash 7ot al Reciepts Cash Payments 104000 71800 Net In come for ... View the full answer