Chelsea Technology maintains its records using cash-basis accounting. Consider the following: . During the year, the company received cash from customers, $40,000, and paid cash for salaries, $22,000, At the beginning of the year, customers owe Chelsea $1,000. By the end of the year, customers owe $6,000. At the beginning of the year, Chelsea owes salaries of $5,000. At the end of the year, Chelsea owes salanes of $3,000. Determine cash-basis net income and accrual-basis net income for the year. Cash-basis net income Accrual-basis net income

Chelsea Technology maintains its records using cash-basis accounting. Consider the following: . During the year, the company received cash from customers, $40,000, and paid cash for salaries, $22,000, At the beginning of the year, customers owe Chelsea $1,000. By the end of the year, customers owe $6,000. At the beginning of the year, Chelsea owes salaries of $5,000. At the end of the year, Chelsea owes salanes of $3,000. Determine cash-basis net income and accrual-basis net income for the year. Cash-basis net income Accrual-basis net income

Name: Chelsea Technology maintains its records using cash-basis accounting.
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Description: Chelsea Technology maintains its records using cash-basis accounting. Consider the following:. During the year, the company received cash from customers, $40,000, and paid cash for salaries, $22,000,• At the beginning of the year, customers owe Chel

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 79P

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