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Accounting & Finance
 Online Tutoring : Forum : Homework Help - Economics & Business Studies : Accounting & Finance
Topic Topic: accrual vs. cash accounting Post ReplyNew Question
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Anharmon0630
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Joined: 26 April 2007
Location: United States
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Posted: 26 April 2007 at 2:21pm | IP Logged Quote Anharmon0630

In its first year of operations, Harden Co. earned $39,000 in revenues and received $33,000 cash from
these customers. The company incurred expenses of $22,500 but had not paid $2,250 of them at yearend.
Harden also prepaid $3,750 cash for expenses that would be incurred the next year. Calculate
the first year’s net income under both the cash basis and the accrual basis of accounting.


I am trying to figure out this answer...i came up with 12,750 for the cash basis net income, but I got the same thing for accrual....Help please!!!
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