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18 1 pts A small consulting firm had the following transactions over a two-month period, December 20X6 and January 20 xx7, and no other transactions.
18 1 pts A small consulting firm had the following transactions over a two-month period, December 20X6 and January 20 xx7, and no other transactions. Client services were performed and billed during December 20 X6 for total fees of $98,000. Of this amount, $75,000 was collected in December 20 xx6 and the balance was collected in January 20X7. Expenses incurred to service these clients during December 20 xx6 were $70,000, of which $30,000 was paid in December 20 xx6 and the remaining $40,000 was paid in January 20 xx7. Using an accrual-based approach, what was the net income for the month of December 20X6? $45,000 $28,000 $68,000 $5,000
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