(Answered) Accrual versus cash basis of accountingconsider the

Accounting

Accrual versus cash basis of accounting.

Consider the following information reported by DairyLamb, a New Zealand firm; all figures are in millions of New Zealand dollars ($). The firm reported revenues of $13,882, cost of goods sold of $11,671, interest and other expenses of $2,113, and tax expense of $67. It also reported $13,894 in cash receipts from customers, $102 in miscellaneous cash receipts, $5,947 in cash payments to employees and creditors, $6,261 in cash payments for milk, $402 in cash payments for interest, and $64 in cash payments for taxes. Calculate net income and its net cash flow.

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