Concordia Industries collected $104,214from customers in 2014. Of the amount collected, $27,665was from revenue accrued from services performed in 2013. In addition, Concordia recognized $45,721of revenue in 2014, which will not be collected until 2015.
Concordia Industries also paid $73,323for expenses in 2014. Of the amount paid, $29,624was for expenses incurred on account in 2013. In addition, Concordia incurred $38,747of expenses in 2014, which will not be paid until 2015.
Compute 2014 cash basis net income and compute 2014 accrual basis net income