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Calculate ivys net income for the two months ended may 31

Ivy, Inc. began operations on April 1, 2014 with an initial cash investment of $1,000. Ivy provided servicestotaling $3,200 in April and received full payment in May. Expenses of $1,500 were incurred in April but notpaid until June. During May, Ivy withdrew $500 from the business. Calculate Ivy's net income for the two months ended May 31, 2014 under (a) cash basis and (b) accrual basis.

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Accounting Basics: Calculate ivys net income for the two months ended may 31

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Accounting Basics: Calculate ivys net income for the two months ended may 31

Reference No:- TGS02559149

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