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Compute Smith Goods first-year net income

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Reference no: EM132623444

Question - Smith Goods reported the following during 2019:

Earned revenues of $50,000 ($45,000 cash received from customers throughout the year). Smith Goods incurred expenses of $18,000 throughout the year ($15,000 cash has been paid toward them). Smith Goods also prepaid $2,000 in insurance for 2020 which won't be expensed until 2020.

Required - Compute Smith Goods' first-year net income under the accrual basis method of accounting.

Reference no: EM132623444

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