Current Attempt in Progress
Windsor Industries collected
$96,600
from customers in 2027. Of the amount collected,
$23,000
was for services performed in 2026. In addition, Windsor performed services worth $36,800 in 2027, which will not be collected until 2028.
Windsor Industries also paid
$66,240
for expenses in 2027 . Of the amount paid,
$27,600
was for expenses incurred on account in 2026. In addition, Windsor incurred
$38,640
of expenses in 2027, which will not be paid until 2028.
(a)
Compute 2027 cash-basis net income.
Cash-basis net income $
(b)
Compute 2027 accrual-basis net income.
Accrual-basis net income $
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