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Which will not be collected until 2011

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1. Conan Industries collected $100,000 from customers in 2010. Of the amount collected, $25,000 was from revenue earned on account in 2009. In addition, Conan earned $40,000 of revenue in 2010, which will not be collected until 2011. Conan Industries also paid $70,000 for expenses in 2010. Of the amount paid, $30,000 was for expenses incurred on account in 2009. In addition, Conan incurred $42,000 of expenses in 2010, which will not be paid until 2011.

Instructions

(a) Compute 2010 cash-basis net income.

(b) Compute 2010 accrual-basis net income. 

Reference no: EM131138905

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