Antonio supplies you the following information about his income and expenses for the financial year 2014-15. $ Income received 80,000 Expenses paid 1,20,000 Expenses paid in advance 20,000 Income received in advance 15,000 Expenses not paid yet 10,000 Income not received yet 12,000 Find out the net income or profit of Antonio if he adopts (a) Cash basis (b) Accrual basis (c) Hybrid basis of accounting.

Antonio supplies you the following information about his income and expenses for the financial year 2014-15. $ Income received 80,000 Expenses paid 1,20,000 Expenses paid in advance 20,000 Income received in advance 15,000 Expenses not paid yet 10,000 Income not received yet 12,000 Find out the net income or profit of Antonio if he adopts (a) Cash basis (b) Accrual basis (c) Hybrid basis of accounting.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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