Rebel technology maintains its records using cash-basis accounting. during the year, the company received cash from customers, $31,000, and paid cash for salaries, $20,200. at the beginning of the year, customers owe rebel $1,100. by the end of the year, customers owe $4,200. at the beginning of the year, rebel owes salaries of $3,200. at the end of the year, rebel owes salaries of $2,100. determine cash-basis net income and accrual-basis net income for the year.

Determine cash-basis net income for the year.

10800

Determine accrual-basis net income for the year.

15000

Explanation:

Cash Basic  

1  

Db Cash31000  

Cr Revenue  31000

2  

Db Salaries expenses20200  

Cr Cash  20200

Accrual-basis    

1  

Db Cash31000  

Cr Account receivable      1100

Cr Revenue  29900

2  

Db Account receivable4200  

Cr Revenue  4200

3  

Db Salaries expenses19100  

Db Account payable salaries_1100  

Cr Cash  20200

Cash BasicAccrual-basis  

Revenue3100034100

Expenses2020019100

Ner income1080015000

answer; foreign exchange transaction;