Blue spruce industries collected $106,000 from customers in 2020. of the amount collected, $25,700 was for services performed in 2019. in addition, blue spruce performed services worth $41,600 in 2020, which will not be collected until 2021. blue spruce industries also paid $71,700 for expenses in 2020. of the amount paid, $30,800 was for expenses incurred on account in 2019. in addition, blue spruce incurred $43,800 of expenses in 2020, which will not be paid until 2021.
(a) compute 2020 cash-basis net income.
(b) compute 2020 accrual-basis net income.
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Blue spruce industries collected $106,000 from customers in 2020. of the amount collected, $25,700 w...
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