Cash basis of accounting and accrual basis of acconting

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Reference no: EM13864264

During the year ended December 31, 2016, Jones Inc. received $110,000 cash from customers.

The company began the year with a balance in Accounts Receivable of $15,000, all of which was received in 2016. At the end of the year, customers owed Jones Inc. $20,000 for services provided in 2016.

Calculate the revenue Jones should report in 2016 using:

a) the cash basis of accounting.

b) the accrual basis of accounting.

Reference no: EM13864264

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