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Bowen Company made sales of $200,000 to customers of which it received $140,000 in cash. Bowen incurred $120,000 in operating expense , of which it paid $90,000 in cash.

a. Show how the accrual basis net income is derived

b. Show how the cash basis net income is derived

c. Assume that while $200,000 of sales above were billed to customer in Year 1, customers remitted payments for $120,000 in Year 2. During which Year would revenues be reported on the Income Statement under, first, the accrual basis, and second the cash basis?

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M947849

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