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Question: 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$
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