Answered: During the month of June 2023, Regal… | bartleby

SWFT Comprehensive Volume 2019

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 22CE

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Question

Give correct answer this general accounting question

During the month of June 2023, Regal Tax Services, a tax-
preparation company, had the following transactions:
Billed $382,000 in revenues on credit
Received $208,500 from customers' accounts receivable
Incurred expenses of $174,600, but only paid $97,400 in cash
for these expenses
Prepaid $28,300 for office maintenance services to be used
next month
What was the company's accrual basis net income for the
month?

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