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Compute net income using accrual basis

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Question

The following data relate to Shaw Company for the year ended December 31, 2018. The company uses the accrual basis method of accounting. (Show work for partial credit)

Sales on credit $755,000

Cost of inventory sold on credit 515,000

Collections from customers 615,000

Purchase of inventory on credit 355,000

Payment for purchases 252,000

Selling expenses (accrual basis) 60,000

Payment for selling expenses 52,000

Compute net income using accrual basis.

Compute net income using cash basis.

Reference no: EM132326375

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