Posted: March 6th, 2014
Accrual basis and Cash basis net income
Concordia Industries collected 4,214from customers in 2014. Of the amount collected, $27,665was from revenue accrued from services performed in 2013. In addition, Concordia recognized ,721of revenue in 2014, which will not be collected until 2015.
Concordia Industries also paid $73,323for expenses in 2014. Of the amount paid, $29,624was for expenses incurred on account in 2013. In addition, Concordia incurred ,747of expenses in 2014, which will not be paid until 2015.
Compute 2014 cash basis net income and compute 2014 accrual basis net income.
Concordia Industries also paid $73,323for expenses in 2014. Of the amount paid, $29,624was for expenses incurred on account in 2013. In addition, Concordia incurred ,747of expenses in 2014, which will not be paid until 2015.
Compute 2014 cash basis net income and compute 2014 accrual basis net income.
Expert paper writers are just a few clicks away
Place an order in 3 easy steps. Takes less than 5 mins.