Table 12.4
Johnson Farm Implement is faced with two mutually exclusive projects, P and Q. The following are the data about the two projects. 
-Which project do you recommend? (See Table 12.4)
Definitions:
Net Income
The amount of money a company makes once it has paid off all expenses and taxes from its revenue.
Ending Inventory
At the close of an accounting cycle, the valuation of products set for sale, computed by taking the initial inventory, adding the acquisitions, and deducting the cost of goods sold.
Reported Net Income
The final profit figure stated in a company's financial statements, as reported to shareholders and used for earnings per share calculations.
Accrued Payroll
Salaries and wages that have been earned by employees but have not yet been paid by the company.
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