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Crane Industries collected $104,000 from customers in 2022. Of the arnount collected, $24,100 was for...

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Accounting

Crane Industries collected $104,000 from customers in 2022. Of the arnount collected, $24,100 was for services performed in 2021. In
addition, Crane performed services worth $38,100 in 2022, which will not be collected until 2023.
Crane Industries also paid $70,500 for expenses in 2022. Of the amount paid, $29,000 was for expenses incurred on account in 2021. In
addition, Crane incurred $42,000 of expenses in 2022, which will not be paid until 2023.
(a) Compute 2022 cash-basis net income.
Cash-basis net income
(b) Compute 2022 accrual-basis net income.
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