The financial statements for Macias Corp contained this information. How much was gross profit? Cost of Goods Sold $10,000 Accounts Receivable $5,000 Sales Revenue $75,000 Salaries Expense $20,000 Rent Expense $12,000 Tax Expense $2,000 Group of answer choices $31,000 $45,000 $65,000 $33,000

In its first year of operations, sunland company recognized $30,000 in service revenue, $8,100 of which was on account and still outstanding at year-end. the remaining $21,900 was received in cash from customers. the company incurred operating expenses of $18,600. of these expenses, $12,880 were paid in cash; $5,720 was still owed on account at year-end. in addition, sunland prepaid $3,270 for insurance coverage that would not be used until the second year of operations. (a) calculate the first year's net earnings under the cash basis of accounting, and the first year's net earnings under the accrual basis of accounting.