Question
During the month of April, Riley Co. had cash receiptsfrom customers of $340,000. Expenses totaled $312,000, and accrual basis net income was $84,000. There were
During the month of April, Riley Co. had cash receiptsfrom customers of $340,000. Expenses totaled $312,000, and accrual basis net income was $84,000. There were no gains or losses during the month.
a.Calculate the revenue for Riley Co, for April.
b.Explain why cash receipts from customers can be different from revenue.
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Accounting Theory Conceptual Issues in a Political and Economic Environment
Authors: Harry I. Wolk, James L. Dodd, John J. Rozycki
9th edition
9781483375014, 1483375013, 9781506300108, 1506300103, 978-1483375021
