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Determine cash-basis net income and accrual-basis net income

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Question - Rebel Technology maintains its records using cash-basis accounting. During the year, the company received cash from customers, $30,000, and paid cash for salaries, $20,000. At the beginning of the year, customers owe Rebel $1,200. By the end of the year, customers owe $4,000. At the beginning of the year, Rebel owes salaries of $3,000. At the end of the year, Rebel owes salaries of $2000. Determine cash-basis net income and accrual-basis net income for the year.

Reference no: EM133115114

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