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wilde company earned revenues of $200,000 in cash and $130000 on account during 2018. of the $200,000 on account, $80,000 was collected in cash in 2018 and the rest in 2019. The company incurred expenses of $145,000 on account in 2018 and made cash payments of $100,000 towards the expenses in 2018. What is the net income in 2018 under cash-basis accounting?

Respuesta :

Answer:

$35,000

Explanation:

In business and accounting, net income is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period.

Net income = earned revenue + Revenue collected in cash  - expenses - Payments made

Net income = $200,000 + $80,000 - 145,000 - $100,000

Net income = $35,000

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Answer:

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Explanation:

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