Pharoah Industries collected $106,000 from customers in 2020. Of the amount collected, $24,200 was for services performed in 2019.

View Policies Current Attempt in Progress Pharoah Industries collected $106,000 from customers in 2020. Of the amount collected, $24.200 was for services performed in 2019. In addition, Pharoah performed services worth $39,400 in 2020, which will not be collected until 2021. Pharoah Industries also paid $72,800 for expenses in 2020. Of the amount paid, $29.100 was for expenses incurred on account in 2019. In addition, Pharoah incurred $41.500 of expenses in 2020, which will not be paid until 2021. (a) Compute 2020 cash-basis net income. Cash-basis net income $ (b) Compute 2020 accrual basis net income. Accrual basis net income $