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Business, 11.03.2020 23:01 alyssa6383
Primo Industries collected $105,000 from customers in 2019. Of the amount collected, $25,000 was for services performed in 2018. In addition, Primo performed services worth $40,000 in 2019, which will not be collected until 2020. Primo Industries also paid $72,000 for expenses in 2019. Of the amount paid, $30,000 was for expenses incurred on account in 2018. In addition, Primo incurred $42,000 of expenses in 2019, which will not be paid until 2020. (a) Compute 2019 cash-basis net income. Cash-basis net income $enter the cash-basis net income (b) Compute 2019 accrual-basis net income. Accrual-basis net income $enter the accrual-basis net income
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Primo Industries collected $105,000 from customers in 2019. Of the amount collected, $25,000 was for...
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