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Primo Industries collected $105,000 from customers in 2014. Of the amount collected, 25,000 was from services performed in 2013. In addition, Primo performed services worth $40,000 in 2014, which will not be collected until 2015.
Primo Industries also paid $72,000 for expenses in 2014. Of the amount paid, $30,000 was for expenses incurred on account in 2013. In addition, Primo incurred $42,000 of expenses in 2014, which will not be paid until 2015.
a. Compute 2014 cash-basis net income.
b. Compute 2014 accrual-basis net income.
Building an Income Statement, During the year, the Senbet Discount Tire Company had gross sales of $1.06 million. The firm's cost of goods sold and selling expenses were $525,000 and $215,000, respectively. Senbet alo had note payable of $800,000...
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a newly developed device is being considered by fairway foods for use in processing and canning peaches. the device
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