Compute 2008 cash-basis net income. compute 2008, Ask an Expert

Accounting

Conan collected $100,000 from customers in 2009. Of the amount collected, $25,000 was from revenue earned on account in 2007. In addition, Conan earned 440,000 of revenue in 2008, which will not be collected until 2009.

Conan also paid $70,000 for expenses in 2008. Of the amount paid, $30,000 was for expenses incurred on account in 2007. In addition, Conan incurred $42,000 of expenses in 2008, which will not be paid until 2009.

A. Compute 2008 cash-basis net income.

B. Compute 2008 accrual-basis net income.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9437371

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