Bee Company collected $150,000 from customers in 2010. Of amount collected $30,000 was from revenues earned on account in 2009. In addition, the Company earned $47,000 of revenue in 2010, which will not be collected until 2011. The Company also paid $100,000 for expenses incurred on account in 2009. In addition, the Company incurred $44,000 of expenses in 2010, which were not paid until 2011.
(a) Evaluate the 2010 cash-basis net income (show calculations)
(b) Evaluate the 2010 accrued-basis net income (show calculations)