Primo Industries collected $105,641 from customers in 2014. Of the amount collected, $25,948 wasfrom services performed in 2013. In addition, Primo performed services worth $40,603 in 2014, whichwill not be collected until 2015.Primo Industries also paid $72,477 for expenses in 2014. Of the amount paid, $29,125 was forexpenses incurred on account in 2013. In addition, Primo incurred $40,005 of expenses in 2014, whichwill not be paid until 2015.(a) Compute 2014 cash-basis net income.(b) Compute 2014 accrual-basis net income.
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