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During the year, black diamond company earned $86500 in revenue. At year end, only $65000 of that revenue had been collected. Also, black diamond incurred
During the year, black diamond company earned $86500 in revenue. At year end, only $65000 of that revenue had been collected. Also, black diamond incurred $44,000 of expenses which only $35000 had been paid.
Determine profit or loss (total comprehensive income) for the year under (a) the cash basis of accounting and (b) the accrual basis of accounting.
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