ACCT316-Joey runs a catering company and he gets very busy in December

| June 13, 2018

Joey runs a catering company and he gets very busy in December with holiday parties and New Year’s. He has catering contracts totaling $50K for December 2015, but because some of his clients are long-time loyal clients, he doesn’t require payment on the spot so he only received $32K of the $50K in December and received the balance of $18K in January 2016. Similarly, he has credit with some of his vendors and others he has to pay in cash. His “costs” related to the December 2015 catering contracts totalled $23K of which $12K he paid for with cash/check in December and the other $11K he bought on credit for which he paid his vendors in full in January 2016.calculate for me Joey’s December 2015 and January 2016 Income on both the cash and the accrual basis.

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