Question
A company had credit sales of $31,000 and cash sales of $23,000 during the month of May. Also, during May, the company paid wages of
A company had credit sales of $31,000 and cash sales of $23,000 during the month of May. Also, during May, the company paid wages of $24,000 and utilities of $8,000. It also received payments from customers on account totaling $5,600. What was the company's net income for the month? A. $86,000 B. $23,000 C. $22,000 D. $54,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting Longman Modular Texts In Business And Economics
Authors: Christopher Waterston, Anne Britton
2nd Edition
058238169X, 978-0582381698
