Homework Answers
Cash collected from customers in 2022 = $109,200
service revenue for 2022 = $41,600
Cash paid for expenses in 2022 = $74,880
Expense incurred for 2022 = $43,680
(a) Cash basis net income = Cash collected from customers in 2022- Cash paid for expenses in 2022
= 109,200-74,880
= $34,320
(b)
Accrual basis net income = service revenue for 2022 - Expense incurred for 2022
= 41,600-43,680
= -$2,080
Kindly comment if you need further assistance. Thanks‼!
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Wildhorse Industries collected $117,600 from customers in 2022.
Of the amount collected, $28,000 was for services performed in
2021. In addition, Wildhorse performed services worth $44,800 in
2022, which will not be collected until 2023.
Wildhorse Industries also paid $80,640 for expenses in 2022. Of the
amount paid, $33,600 was for expenses incurred on account in 2021.
In addition, Wildhorse incurred $47,040 of expenses in 2022, which
will not be paid until 2023
.
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Current Attempt in Progress Monty Industries collected $105.000 from customers in 2020 of the amount collected $24 300 w in 2019. In addition Monty performed services worth $39 200 in 2020, which will not be collected o med 2021 Monty Industries also paid $70,200 for expenses in 2020. Of the amount paid 529 800 was for in 2019. In addition Monty incurred $43.900 of expenses in 2020, which will not be paid until 2021 ed con Compute 2020 cash-basis net...
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