Question & Answer: Whispering Winds Industries collected $105,000 from customers in 2019. Of the amount collected, $25,200 was for services performed in 2018…..

Whispering Winds Industries collected $105,000 from customers in 2019. Of the amount collected, $25,200 was for services performed in 2018. In addition, Whispering Winds performed services worth $41,600 in 2019, which will not be collected until 2020. Whispering Winds Industries also paid $73,500 for expenses in 2019. Of the amount paid, $30,400 was for expenses incurred on account in 2018. In addition, Whispering Winds incurred $42,200 of expenses in 2019, which will not be paid until 2020. (a) Compute 2019 cash-basis net income. Cash-basis net income $ (b) Compute 2019 accrual-basis net income. Accrual-basis net income $