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Question - Sandhill Industries collected $105,000 from customers in 2020. Of the amount collected, $25,700 was for services performed in 2019. In addition, Sandhill performed services worth $38,900 in 2020, which will not be collected until 2021. Sandhill Industries also paid $71,300 for expenses in 2020. Of the amount paid, $29,300 was for expenses incurred on account in 2019. In addition, Sandhill incurred $40,900 of expenses in 2020, which will not be paid until 2021.
Required -
1. What is the cash-basis net income of 2020?
2. What is the accrual-basis net income of 2020?
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