Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. crane industries collected $104,000 from customers

Crane Industries collected $104,000 from customers in 2022. Of the arnount collected, $24,100...

60.1K

Verified Solution

Question

Accounting

Crane Industries collected $104,000 from customers in 2022. Of the arnount collected, $24,100 was for services performed in 2021. In
addition, Crane performed services worth $38,100 in 2022, which will not be collected until 2023.
Crane Industries also paid $70,500 for expenses in 2022. Of the amount paid, $29,000 was for expenses incurred on account in 2021. In
addition, Crane incurred $42,000 of expenses in 2022, which will not be paid until 2023.
(a) Compute 2022 cash-basis net income.
Cash-basis net income
(b) Compute 2022 accrual-basis net income.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

A psychologist specializing in marriage counseling claims that, among all married couples, the proportion p for...

Medical Sciences
1.2K views

Structure Description Location Lateral Ventricle Cerebral aqueduct Choroid Plexus Grey and White Matter Longitudinal Fissure Central Fissure Dura Mater

Advance Math
1.2K views

Provide an example of a study when extrapolation would definitely lead to incorrect results. Explain your...

Biology
1.2K views

The part of the antibody that specify binds the antigen is termed asHaptenVariable regionConstant regionEpitopeantigen

Physics
1.2K views

Electrostatics has Statement 1 and Statement 2 Of the four choices given after the statements...

Statistics
1.2K views

A survey was conducted to determine the average loss in home value in a certain...

Accounting
1.2K views

which of the following best describes a sole proprietor ship

Accounting
1.2K views

Saved Russell and Sons, a CPA firm, established the following standard labor cst data...

Accounting
1.2K views

Waterways Corporation is preparing its budget for the coming year, 2022. The first step is...

Accounting
1.2K views

please help QS 20-9 (Algo) Manufacturing: Direct materials budget...

Finance
1.2K views

Forward price for the underlying product are: YO Y1 Y2 Dec Mar. June. Sep. Dec....

Finance
1.2K views

All of the following are potential disadvantages of short-term debt except: ...