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Problem - Cash Flow Income vs. Accrual (GAAP) Income
ABC Corporation is a new company. It determines net income using a "cash basis" method. Its income statement for the first period appears below:
ABC Corporation Income Statement (Cash Basis)
Revenue $25,000
Expenses
Supplies $(2,000)
Equipment $(12,000)
Salaries $(4,000)
Net Income $7,000
Required - You determine the following:
(1) $7,000 of the revenues represent advance payments for work not completed by ABC.
(2) Supplies on hand as of the end of the period amount to $1,500.
(3) The equipment has an expected life of 5 years, and an expected salvage value of $2,000.
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