Cullumber Industries collected $104,000 from customers in 2022. Of the amount collected, $24,300 was for services performed
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Question:
Cullumber Industries collected $104,000 from customers in 2022. Of the amount collected, $24,300 was for services performed in 2021. In addition, Cullumber performed services worth $40,300 in 2022, which will not be collected until 2023.
Cullumber Industries also paid $71,800 for expenses in 2022. Of the amount paid, $30,500 was for expenses incurred on account in 2021. In addition, Cullumber incurred $41,800 of expenses in 2022, which will not be paid until 2023.
(a) Compute 2022 cash-basis net income.
Cash-basis net income | $enter the cash-basis net income amount in dollars |
(b) Compute 2022 accrual-basis net income.
Accrual-basis net income | $enter the accrual-basis net income amount in dollars |
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