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Calculate the first year profit under the accrual basis

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In its first year of operations, Harris Construction earned $39,000 in revenues and received $33,000 cash from customers. The company incurred expenses of $22,500, but had not paid for $2,250 of them at year- end. In addition, Harris prepaid $3,750 for expenses that would be incurred the next year.

Problem 1. Calculate the first year's profit under the cash basis.

Problem 2. Calculate the first year's profit under the accrual basis.

Problem 3. What is the difference?

Reference no: EM132778044

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