Accrual Accounting Evan Corporation provided consulting services for Kensington Company in year 1. Evan...
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Accounting
Accrual Accounting
Evan Corporation provided consulting services for Kensington Company in year 1. Evan incurred costs of $60,000 associated with the consulting and billed Kensington $90,000. Evan paid $40,000 of its costs in 2019 and the remaining $20,000 in year 2. Evan received $45,000.00 of its billing in year 1. Kensington paid the remaining $45,000 in year 2. Evan reports on the accrual basis of accounting. How much is Evans year 1 and year 2 profit related to the Kensington consulting?
Year 1Year 2Net profit
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