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September 20, 2014

Homework Help: accounting

Posted by shelly on Friday, October 12, 2007 at 7:31am.

A company earned earned $39,000 in revenues and received $33,000 cash from these customers. The company incurred expenses of $22,500 but had not paid $2,250 of them at years end. Harden also prepaid $3750 cash for expenses that would be incurred the next year. Calculate the first year's net income under both the cash basis and the accrual basis of accounting.

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