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Problem - Computing Net Income

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Problem - Computing Net Income

Healy Corporation recorded service revenues of $100,000 in 2018, of which $70,000 were for credit and $30,000 were for cash. Moreover, of the $70,000 credit sales, it collected $20,000 cash on those receivables before year-end. The company also paid $60,000 cash for 2018 wages.

Required -

1. Compute the company's net income for 2018.

2. Suppose you discover that employees had earned an additional $10,000 in wages in 2018, but this amount had not been paid. Would 2018 net income change? If so, by how much?

Reference no: EM132633059

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