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Compute accrual-basis net income for cullumber industries

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Cullumber Industries collected $104,000 from customers in 2020. Of the amount collected, $24,300 was for services performed in 2019. In addition, Cullumber performed services worth $40,300 in 2020, which will not be collected until 2021.

Cullumber Industries also paid $71,800 for expenses in 2020. Of the amount paid, $30,500 was for expenses incurred on account in 2019. In addition, Cullumber incurred $41,800 of expenses in 2020, which will not be paid until 2021.

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

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

Reference no: EM132622577

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