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Summit Industries collected $100,000 from customers in 2010. Of the amount collected, $25,000 was from revenue earned on account in 2009. In addition, Summit earned $40,000 of revenue in 2010, which will not be collected until 2011. Summit Industries also paid $70,000 for expenses in 2010. Of the amount paid, $30,000 was for expenses incurred on account in 2009. In addition, Summit incurred $42,000 of expenses in 2010, which will not be paid until 2011.
Required:
Question i) Compute 2010 cash-basis net income.
Question ii) Compute 2010 accrual-basis net income.
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