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Question - On December 31, Jayne Leigh completed her first year as a financial planner. The following data are available from her accounting records.
Fees billed to clients for services rendered
$98,000
Rent expense for year just ended
$10,800
Cash received from clients
84,000
Utility expense incurred
2,500
Supplies purchased for cash
4,400
Utility bills paid
2,200
Supplies used during the year
3,300
Salary earned by assistant
30,000
Cash paid for rent (rent is paid through
Salary paid to assistant
27,500
Feb. of next year)
12,500
a. Compute Leigh's net income for the year just ended using the accrual basis of accounting.
b. Compute Leigh's net income for the year just ended using the cash basis of accounting.
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