Compute 2011 accrual-basis net income.

Conan Industries collected $100,000 from customers in 2011. Of the amount collected, $25,000 was from revenue earned on account in 2010. In addition, Conan earned $40,000 of revenue in 2011, which will not be collected until 2012. Conan Industries also paid $70,000 for expenses in 2011. Of the amount paid, $30,000 was for expenses incurred on account in 2010. In addition, Conan incurred $42,000 of expenses in 2011, which will not be paid until 2012.

Instructions

(a) Compute 2011 cash-basis net income.

(b) Compute 2011 accrual-basis net income.

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