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    ali123456789876 Posts: 2, Reputation: 1
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    Sep 3, 2015, 04:34 PM
    Exercise 3-3 Concordia Industries collected $105,000 from customers in 2014. Of the a
    Exercise 3-3

    Concordia Industries collected $105,000 from customers in 2014. Of the amount collected, $28,000 was from revenue accrued from services performed in 2013. In addition, Concordia recognized $44,000 of revenue in 2014, which will not be collected until 2015.

    Concordia Industries also paid $72,000 for expenses in 2014. Of the amount paid, $30,000 was for expenses incurred on account in 2013. In addition, Concordia incurred $37,000 of expenses in 2014, which will not be paid until 2015.

    a)Compute 2014 cash-basis net income.

    Cash-basis net income $

    (b)Compute 2014 accrual-basis net income.

    Accrual-basis net income $


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    smoothy Posts: 25,490, Reputation: 2853
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    Sep 3, 2015, 05:35 PM
    This is your homework assignment. Not ours... unless you show us your answers first and why you think they are right. Nobody here will can help you according to the site rules.
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