(Answered) Question - during the year black diamond company earned 86

Accounting

Question - During the year, black diamond company earned $86 500 in revenue. At year end only $65 000 of that revenue had been collected. also, black diamond incurred $44 000 of expenses of which only $35 000 had been paid.

Determine profit or loss (total compressive income) for the year under (a) the cash basis of accounting and (b) the accrual basis of accounting.

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