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Bee Company collected $150,000 from customers in 2010. Of the amount collected $30,000 was from revenues earned on account in 2009. In addition, the Company earned $47,000 of revenue in 2010, which will not be collected until 2011. The Company also paid $100,000 for expenses incurred on account in 2009. In addition, the Company incurred $44,000 of expenses in 2010, which were not paid until 2011. (a) Compute the 2010 cash-basis net income (show calculations) (b) Compute the 2010 accrued-basis net income (show calculations)

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M948677

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