During the year black diamond company and 86,500 in revenue. At year end only 65,000 of that revenue have been collected. Also black diamond incurred 44,000 of expenses of which only 35,000 had been paid.

Determine net income for the year under the cash basis of accounting and the accrual basis of accounting

o During the year, Black Diamond Company earned S86,500 in revenue. vear-end, only s65,000 of that revenue had been colected. Also, Black Diamond incurred s44,000 of expenses of which only s35.000 had been paid. At Determine net income for the year under (a) the cash basis of accounting and (b) the accrual basis of accounting