You have been provided the following information about Lunenberg Ltd. (Lunenberg) as of the end of..

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You have been provided the following information about Lunenberg Ltd. (Lunenberg) as of the end of its first year of operations. Cash collected from customers ……………… $413,000 Amounts owing from customers ……………. 39,200 Amounts paid to suppliers for business supplies……… 121,450 Amounts owing to suppliers for business supplies……… 28,350 Business supplies on hand at the end of the year……… 9,800 Amounts paid to employees for work done ……….. 61,250 Amounts owing to employees for work done………… 7,700 Advances paid to employees for work that will be done in the future.. 3,500 Depreciation of assets ……………….. 14,000 Income taxes paid………………… 26,250 Required: Calculate net income on the cash basis and on the accrual accounting basis for Lunenberg. Explain why the cash basis and the accrual basis result in different amounts of income.

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