Analyzing Transaction to Compute Net Income:

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Analyzing Transaction to Compute Net Income:

Analyzing Transaction to Compute Net Income:
Wasely Corp. a start-up company, provided services that were acceptable to it’s customers and billed those customers for $350,000 in 2019. However, Wasley collected only $280,000 cash in 2019, and the remaining $70,000 was collected in 2020. Wasley employees earned $225,000 in 2019 wages that were not paid until the first week of 2020. How much net income does Wasely report for 2019? For 2020 (assuming no additional transactions)?