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Discuss cash-basis accounting instead of accrual accounting

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On May 1, Faux Furs, Inc., collected $25,000 from its customers. One quarter of the $25,000 was earned in May and the rest in June through August. During May, Faux Furs' had $4,000 in expenses of which only $2,000 had been paid. How much higher would Faux Furs' net income be in May if it used cash-basis accounting instead of accrual accounting

Reference no: EM131813870

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