Windsor Industries collected $104,000 from customers in 2020. Of the amount collected, $24,900 was for services performed
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Question:
Windsor Industries also paid $73,600 for expenses in 2020. Of the amount paid, $30,500 was for expenses incurred on account in 2019. In addition, Windsor incurred $40,500 of expenses in 2020, which will not be paid until 2021.
(a)Compute 2020 cash-basis net income.
Cash-basis net income$?
(b)Compute 2020 accrual-basis net income.
Accrual-basis net income$ ?
Related Book For
Accounting Principles
ISBN: 978-1119411482
13th edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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