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Compute accrual-basis net income for oriole industries

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Oriole Industries collected $104,000 from customers in 2020. Of the amount collected, $26,000 was for services performed in 2019. In addition, Oriole performed services worth $39,100 in 2020, which will not be collected until 2021.

Oriole Industries also paid $72,500 for expenses in 2020. Of the amount paid, $30,500 was for expenses incurred on account in 2019. In addition, Oriole incurred $43,200 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: EM132791745

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