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.
To borrow another tutor's wording, you will find here at Jiskha that long series of questions posted, with no evidence of effort or thought by the person posting, will not be answered. We will gladly respond to your future questions in which you have indicated what YOU think the answer is.
