Smith & associates had the following information available related to revenues and expenses for the current period: services provided for cash - $120,000 services provided on account - $200,000 expenses paid in cash - $150,000 expenses incurred on account - $40,000 assuming no subsequent collection or payment for revenues and expenses on account, what is smith & associates net income under both the cash and accrual basis of accounting?

R& m chatelaine is one of the largest tax-preparation firms in the united states. it wants to acquire the tax experts, a smaller rival. after the merger, chatelaine will be one of the two largest income-tax preparers in the u. s. market. what should chatelaine include in its acquisition plans? it should refocus its attention from the national to the international market. in addition to acquiring the tax experts, it should also determine the best way to drive independent "mom and pop" tax preparers out of business. chatelaine will need to explain to the federal trade commission how the acquisition will not result in an increase in prices for consumers. chatelaine should enter a price-based competition with its other major competitor to force it out of business and become a monopoly.