Analyzing Transactions to Compute Net Income Wasley Corp., a startup company, provided services that were...
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Analyzing Transactions to Compute Net Income Wasley Corp., a startup company, provided services that were acceptable to its customers and billed those customers for $490,000 in 2019. However, Wasley collected only $392,000 cash in 2019, and the remaining $98,000 was collected in 2020. Wasley employees earned $315,000 in 2019 wages that were not paid until the first week of 2020. a. How much net income does Wasley report for 2019? b. How much net income does Wasley report for 2020 (assuming no additional transactions)?
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