Final answer:
Without specific financial data for Kingbird Industries for 2022, it is impossible to accurately determine the cash-basis net income or the accrual-basis net income. The net income on a cash basis is calculated by subtracting cash disbursements from cash receipts, while accrual-basis net income accounts for revenues when earned and expenses when incurred.
"the correct option is approximately option A"
Step-by-step explanation:
The question asks for the calculation of both the cash-basis net income and the accrual-basis net income for Kingbird Industries for the year 2022. Calculating net income on a cash basis involves adding up all cash receipts and subtracting all cash disbursements within the reporting period. On the other hand, the accrual basis of accounting involves recognizing revenues when they are earned and expenses when they are incurred, regardless of when the cash is actually received or paid.
Without specific data regarding Kingbird Industries' financial transactions during 2022, such as revenue earned, expenses incurred, cash received, and payments made, it is impossible to accurately state the net income under both cash and accrual basis. The figures provided in the question (A, B, C, D) are not accompanied by any context or data, making it impossible to determine which, if any, is correct. It would be necessary to have at least a summary of the company's income statement or ledger transactions for the year in order to calculate net income under each accounting method. Factors such as revenues, expenses, accounts payable, and accounts receivable all play crucial roles in these calculations.
Therefore, without additional financial information, one cannot select a correct option from the list provided. It is important in business and accounting coursework to ensure that all necessary data is available before attempting to solve a problem or question related to financial results.