Question
Ruiz Company provided services for $31,500 cash during the 2013 accounting period. Ruiz incurred $23,000 expenses on account during 2013, and by the end of
Ruiz Company provided services for $31,500 cash during the 2013 accounting period. Ruiz incurred $23,000 expenses on account during 2013, and by the end of the year, $8,500 of that amount had been paid with cash. Assuming that these are the only accounting events that affected Ruiz during 2013. |
The amount of net loss shown on the income statement is $8,500.
The amount of net income shown on the income statement is $14,500.
The amount of net cash flow from operating activities shown on the statement of cash flows is $17,000.
The amount of net income shown on the income statement is $8,500.
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