Primo Industries collected $104,180 from customers in 2014. Of the amount collected, $24,614 was from services performed in 2013. In addition, Primo performed services worth $40,196 in 2014, which will not be collected until 2015.
Primo Industries also paid $71,732 for expenses in 2014. Of the amount paid, $30,310 was for expenses incurred on account in 2013. In addition, Primo incurred $41,126 of expenses in 2014, which will not be paid until 2015.
(a) Compute 2014 cash-basis net income.
Cash-basis net income $
(b) Compute 2014 accrual-basis net income.
Accrual-basis net income $
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