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Kersey Industries collected $140,000 from customers in 2017. Of the amount collected, $35,000 was from revenue earned on account in 2016. In addition, Kersey earned $45,000 of revenue in 2017, which will not be collected until 2018.
Kersey Industries also paid $85,000 for expenses in 2017. Of the amount paid, $20,000 was for expenses incurred on account in 2016. In addition, Kersey incurred $26,000 of expenses in 2017, which will not be paid until 2018.
Instructions
Question (a) Compute 2017 cash-basis net income.
Question (b) Compute 2017 accrual-basis net income.
Financial Statement Analysis and Preparation
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