Business, 25.02.2020 17:50 carleygalloway103
Swifty Industries collected $106,000 from customers in 2019. Of the amount collected, $24,000 was for services performed in 2018. In addition, Swifty performed services worth $38,000 in 2019, which will not be collected until 2020. Swifty performed services worth $38,000 in 2019, which will not be collected until 2020. Swifty Industries also paid $70,500 for expenses in 2019. Of the amount paid, $30,700 was for expenses incurred on account in 2018. In addition, Swifty incurred $42,700 of expenses in 2019, which will not be paid until 2020.
a. Compute 2019 cash-basis net income.
b. Compute 2019 accrual-basis net income.
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Swifty Industries collected $106,000 from customers in 2019. Of the amount collected, $24,000 was fo...
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