I'm having problem with Acct 4A Questions

label Accounting
account_circle Unassigned
schedule 1 Day
account_balance_wallet $5

Exercise 3-3 Concordia Industries collected $105,877 from customers in 2014. Of the amount collected, $27,803 was from revenue accrued from services performed in 2013. In addition, Concordia recognized $45,640 of revenue in 2014, which will not be collected until 2015.

Concordia Industries also paid $72,985 for expenses in 2014. Of the amount paid, $29,644 was for expenses incurred on account in 2013. In addition, Concordia incurred $38,504 of expenses in 2014, which will not be paid until 2015.

(a) Compute 2014 cash-basis net income.

Cash-basis net income $

(b) Compute 2014 accrual-basis net income.

Accrual-basis net income $

May 11th, 2015

a] balance b/d 2014     105875

less 45650

less $72,985


b]  balance b/d 2013    $27,803

add $38,504


May 11th, 2015

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May 11th, 2015
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May 11th, 2015
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