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Answered: - On December 31, Jayne Leigh completed her first year as a


On December 31, Jayne Leigh completed her first year as a financial planner.
The following data are available from her accounting records

Fees billed to clients for services rendered $98,000 Rent expense for year just ended $10,800
Cash received from clients 84,000 Utility expense incurred 2,500
Supplies purchased for cash 4,400 Utility bills paid 2,200
Supplies used during the year 3,300 Salary earned by assistant 30,000
Cash paid for rent (rent is paid through Salary paid to assistant 27,500
Feb. of next year) 12,500

a. Compute Leigh's net income for the year just ended using the accrual basis of accounting: $Answer


b. Compute Leigh's net income for the year just ended using the cash basis of accounting: $Answer

 


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