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Compute accrual-basis net income

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Point 1: Sunland Industries collected $105,000 from customers in 2020. Of the amount collected, $24,900 was for services performed in 2019. In addition, Sunland performed services worth $39,500 in 2020, which will not be collected until 2021.

Point 2: Sunland Industries also paid $73,900 for expenses in 2020. Of the amount paid, $30,700 was for expenses incurred on account in 2019. In addition, Sunland incurred $40,100 of expenses in 2020, which will not be paid until 2021.

Question (a) Compute 2020 cash-basis net income.

Cash-basis net income $31,100

Question (b) Compute 2020 accrual-basis net income.

Accrual-basis net income $ ?

Reference no: EM132477408

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