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Home / Questions / Primo Industries collected $104,180 from customers in 2014. Of the amount collected, $24,6

Primo Industries collected $104,180 from customers in 2014. Of the amount collected, $24,6

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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Nov 09 2017 View more View Less

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