Question
Show your work STEP BY STEP please! Thank you On June 12, Carpenter Printing printed $18,770 in magazines for the Pierre Company. The magazines were
Show your work STEP BY STEP please! Thank you
On June 12, Carpenter Printing printed $18,770 in magazines for the Pierre Company. The magazines were delivered on June 15, along with an invoice for $6,332 due July 15. Per the contract negotiated by the Pierre Company with Carpenter Printing, $4,556 will be invoiced in July and will be due August 15; the remainder will be invoiced in August and will be due September 15. On June 18, Cecil Advertising Agency signed a contract with Carpenter Printing to print advertisements, paying $21,726 in advance. $10,282 in advertisements are contracted to be printed in June and $24,869 in advertisements are contracted to be printed in July. On June 30, $11,122 of advertisements were printed and delivered to Cecil Advertising. On June 30, $2,968of the $15,964 in supplies remaining on May 31 have not been used.
a) Based on these transactions alone, what is the effect on the Total Current Liabilities on the Balance Sheet on June 30?
b) Based on these transactions alone, what is the effect on the Net Income on the Income Statement on June 30?
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