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Compute accrual-basis net income

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Reference no: EM132831820

Question - Windsor Industries collected $104,000 from customers in 2020. Of the amount collected, $24,900 was for services performed in 2019. In addition, Windsor performed services worth $41,200 in 2020, which will not be collected until 2021.

Windsor Industries also paid $73,600 for expenses in 2020. Of the amount paid, $30,500 was for expenses incurred on account in 2019. In addition, Windsor incurred $40,500 of expenses in 2020, which will not be paid until 2021.

Required -

(a) Compute 2020 cash-basis net income.

(b) Compute 2020 accrual-basis net income.

Reference no: EM132831820

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