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What are the net income before tax under cash basis

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Reference no: EM132620993

Ethan consulting had the following transactions in may

May 1 - Prepaid insurace for May thru Sep $400
May 4 - Purchase software for cash $700
May 5 - Performed services and recd cash, $800
May 8 - Paid advertising expense , $500
May 11 - Performed service on account - $3600
May 19 - Purchased computer on account $1300
May 24 - collected for may 11 service
May 26 - Paid account payable from may 19
may 29 - paid salary expense, $600
may 31, adjusted for may insurance expense (see may 1)
may 31 - earned revenue of $400 that was collected in advance back in april

Problem 1: What are the net income before tax under cash basis and accrual basis of accounting on its 20X6 income statement?

Reference no: EM132620993

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