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Compute 2020 cash-basis net income

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Question: Pharoah Industries collected $106,000 from customers in 2020. Of the amount collected, $24,200 was for services performed in 2019. In addition, Pharoah performed services worth $39,400 in 2020, which will not be collected until 2021.

Pharoah Industries also paid $72,800 for expenses in 2020. Of the amount paid, $29,100 was for expenses incurred on account in 2019. In addition, Pharoah incurred $41,500 of expenses in 2020, which will not be paid until 2021.

(a) Compute 2020 cash-basis net income.

Cash-basis net income$

(b) Compute 2020 accrual-basis net income.

Accrual-basis net income$

Reference no: EM132719180

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