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  3. swifty industries collected $106,000 from customer

Swifty Industries collected $106,000 from customers in 2019. Of the amount collected, $24,000 was for...

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Swifty Industries collected $106,000 from customers in 2019. Of the amount collected, $24,000 was for services performed in 2018. In addition, Swifty performed services worth $38,000 in 2019, which will not be collected until 2020. Swifty Industries also paid $70,500 for expenses in 2019. Of the amount paid, $30,700 was for expenses incurred on account in 2018. In addition, Swifty incurred $42,700 of expenses in 2019, which will not be paid until 2020. (a) Compute 2019 cash-basis net income. Cash-basis net income $ 35500 (b) Compute 2019 accrual-basis net income. Accrual-basis net income $ 35000

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