Value Tech Services was founded on Jamuary 2 and offers computer consulting and other technology-related services. During its first quarter of operations, the following events occurred:

Requirement

Determine Value Tech's net income for each month from January through March under both the cash and the accural bases of accounting. Explain any difference in total net income under cash versus accural accounting in three months.

Complete all 8 parts to the question!

a. In January, Value Tech provided and billed clients for $50,000 of consulting services. It was paid for these services in March. b. In January, Value Tech collected $52,000 from clients for services provided during the month. c. In February, Value Tech provided and billed clients for $70,000 of consulting services. It collected $10,000 in the current month and the remaining amount in March. d. In March, Value Tech collected $38,000 from clients for services provided during the month and billed clients for an additional $31,000 for services provided. e. Value Tech pays employees at the end of each month for service provided. Monthly payroll was $19,000,$11,000, and $13,000 in January. February, and March, respectively. f. Value Tech pays its utility bills at the end of each month. Utility bills totaled $700,$750, and $900 in January, February, and March, respectively. g. Value Tech hired an independent contractor who provided $1,100 of services in February. The contractor was paid in March. Valie Tech Services was founded on Jamwary 2 and offers compuder consuting and other fechnology.telafed services During its Srst quarter of operations, the following events ocrinsed (Click the icon to view the events) Requirement Dedermine Value Techis net income for each month from Janiaary trough March unifer both the cash and the accual bases of accounting. Explain any diflerence in total net income sinder cash versus accreal accounting lot the theed moniths Begin ty computing thin antount of sovemie to he recegnized for each evert under the cash and the acchual bases of accounting Degin with January, Elen continue wet February and March iselect the event by letter reference and enter the aisosents that thould be recopriced for that event under the proper column if an input field in not ined in the lable leave the same letter referance take )