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Newman Consulting Company maintains its records on a cash basis. During 2018 the following cash flows were recorded: cash received from customers, $590,000; and cash
Newman Consulting Company maintains its records on a cash basis. During 2018 the following cash flows were recorded: cash received from customers, $590,000; and cash paid for salaries, utilities, and advertising, $325,000, $52,000, and $29,000, respectively. You also determine that customers owed the company $65,000 and $77,000 at the beginning and end of the year, respectively, and that the company owed the utility company $11,000 and $8,000 at the beginning and end of the year, respectively. Complete the table to determine accrual net income for the year. Revenues Expenses: Salaries expense Utilities expense Advertising expense Net Income
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