Concordia Industries Ltd. collected 112,000 from customers in 2017. Of the amount collected, 30,000 was from revenue
Question:
Concordia Industries also paid £72,000 for expenses in 2017. Of the amount paid, £27,000 was for expenses incurred on account in 2016. In addition, Concordia incurred £37,000 of expenses in 2017, which will not be paid until 2018.
Instructions
(a) Compute 2017 cash-basis net income.
(b) Compute 2017 accrual-basis net income.
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Related Book For
Financial Accounting
ISBN: 978-1118978085
IFRS 3rd edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
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