Question
Hightail Hurricane Shutters had the following transactions for the month of June, 2018: Billed $496,000 in revenues on credit Received $164,000 from customers accounts receivable
Hightail Hurricane Shutters had the following transactions for the month of June, 2018:
Billed $496,000 in revenues on credit
Received $164,000 from customers accounts receivable
Incurred expenses of $194,000 but only paid $87,700 cash for these expenses
Prepaid $32,220 for computer services to be used next month
What was the companys accrual basis net income for the month?
$ 264,080 |
None of these answers are correct. |
$ 302,000 |
$ 44,080 |
$408,300 |
Hightail Hurricane Shutters had the following transactions for the month of June, 2018:
Billed $496,000 in revenues on credit
Received $164,000 from customers accounts receivable
Incurred expenses of $194,000 but only paid $87,700 cash for these expenses
Prepaid $32,220 for computer services to be used next month
What was the companys cash basis net income for the month?
$ 44,080 |
$ 264,080 |
None of these answers are correct. |
$408,300 |
$ 302,000
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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