Question

Carrillo Industries collected $104,000 from customers in 2017. of the amount collected, $24,700 was for services performed in 2016. In addition, Carillo performed services worth $40,100 in 2017, which will not be collected until 2018. Carillo Industries also paid $72,600 for expenses in 2017. of the amount paid, $29.300 was for expenses inaurred on account in 2016.In addition, Carllo inourred $42,800 in 2017, which paid until 2018. (a) Compute 2017 cash-basis net income. Cash-basis net income (b) Compute 2017 acorual basis net income. Accrual basis net income