The following table provides Acme Corp\'s transaction for the month. Using the M
ID: 1174491 • Letter: T
Question
The following table provides Acme Corp's transaction for the month. Using the MODIFIED CASH BASIS method and only the transactions listed, calculated the firm's NET INCOME for the month. Enter negative values using the minus sign (e.g. -122) Transaction Value Issued shares of capital stock for cash 15845 Rented space at a self-storage for 2 weeks paid cash -400 Purchased supplies to be used on a job during this month payment due next month -800 Received a loan from a bank to be paid back in 1 year 8714 Received payment from customer for work completed and billed in previous month 1890 Paid miscellaneous expenses -800 Received payment for customer for work completed and billed during this month 6370 Billed a customer for work completed to be paid in the next month 3312 Paid hourly employees for work completed during the month -2000 Recorded depreciation of office building -1000
Explanation / Answer
Answer:- Statement of Net Income
Billed and received from a customer
6370
Receipt of previous month
1890
Rent
-400
Purchases
-800
Miscellaneous Expenses
-800
Labour Charges
-2000
Depreciation
-1000
Net Income
3260
Billed and received from a customer
6370
Receipt of previous month
1890
Rent
-400
Purchases
-800
Miscellaneous Expenses
-800
Labour Charges
-2000
Depreciation
-1000
Net Income
3260
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.