Answered: During the month of March 2014, Weimar… | 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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Hi expart Provide solution

During the month of March 2014, Weimar World, a tax-
preparation service, had the following transactions.
-
- Billed $296,000 in revenues on credit
- Received $164,000 from customers' accounts receivable
-
Incurred expenses of $134,000 but only paid $77,700
cash for these expenses
-
- Prepaid $22,220 for computer services to be used next
month
What was the company's accrual basis net income for the
month?
A) $162,000
B) $64,080
C) $41,860
D) None of the above.

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