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Problem - During the year, Williams Company performed services for which customers paid or promised to pay $587,000. Of this amount, $552,000 had been collected by year end. Williams paid $340,000 in cash for employee wages and still owed the employees $15,000 at the end of the year for work that they had done. Williams paid interest expense of $3,000 and $195,000 for other service expenses. The income tax rate was 35%, and income taxes had not yet been paid at the end of the year. Williams declared and paid dividends of $20,000. There were no other events that affected cash. Williams had a cash balance of $40,000 at the beginning of the year.
1. What would the company's net income be for the year, based on GAAP?
2. Using the information in the previous question, what would the end-of-year cash balance be for Williams Company?
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