Consider the following transactions: • Paid $4,000 cash for supplies • Paid $6,000 cash in employee wages • Provided $9,000 of services on account Provided $17,000 of services for cash • Paid $3,000 cash for utilities expenses incurred last year • Used up $2,000 of the supplies purchased earlier • Used up $6,000 of long-term assets (i.e., depreciation expense) How much is net income under cash basis accounting? Do not include dollar signs or commas; just numbers. Answer:

Consider the following transactions: • Paid $4,000 cash for supplies • Paid $6,000 cash in employee wages • Provided $9,000 of services on account Provided $17,000 of services for cash • Paid $3,000 cash for utilities expenses incurred last year • Used up $2,000 of the supplies purchased earlier • Used up $6,000 of long-term assets (i.e., depreciation expense) How much is net income under cash basis accounting? Do not include dollar signs or commas; just numbers. Answer:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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