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During May, Many Happy Returns, Inc. earned $1,400, of which $1,000 was collected, and had expenses of $800, of which $700 was paid. Its net
During May, Many Happy Returns, Inc. earned $1,400, of which $1,000 was collected, and had expenses of $800, of which $700 was paid. Its net income equals:
$200 using accrual accounting versus $700 using bash basis.
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