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Blue Rock Enterprises earned $265,000 in total sales during the year, out of which $180,000 was collected in cash. The company incurred $96,000 in expenses, of which $51,000 was paid in cash. What is the Accrual Basis Net Income and Cash Basis Net Income?

Blue Rock Enterprises earned $265,000 in total sales during the year, out of which $180,000 was collected in cash. The company incurred $96,000 in expenses, of which $51,000 was paid in cash. What is the Accrual Basis Net Income and Cash Basis Net Income?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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Please provide the solution to this general accounting question with accurate financial calculations.

Blue Rock Enterprises earned $265,000 in total sales during the year, out of which $180,000 was collected in cash. The company incurred $96,000 in expenses, of which $51,000 was paid in cash. What is the Accrual Basis Net Income and Cash Basis Net Income?
Transcribed Image Text:Blue Rock Enterprises earned $265,000 in total sales during the year, out of which $180,000 was collected in cash. The company incurred $96,000 in expenses, of which $51,000 was paid in cash. What is the Accrual Basis Net Income and Cash Basis Net Income?
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