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April 20, 2014

Homework Help: Accounting

Posted by Roberta on Tuesday, May 21, 2013 at 3:19pm.

The Harding Co. in its first year earned $39,000 in revenues and received $33,000 cash from customers. They incurred expenses $22,000, but had not paid $2,250 of them at year-end. Harden also prepaid $3,750 cash for expenses to be incurred in the next year.
Calculate the first year's net income under both the cash basis and accrual basis of accounting. How do I do this, the textbook only gives an example for prepaid insurance?

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