During the month During the month, Phoenix Enterprisesearned $15,000 in revenue, but only $13,000of that had been received by the end of themonth. Phoenix's only expense was rent of$4,200, but the company will pay for thatnext month.How much did Phoenix report in net incomefor the month?

Concept of Revenue RecognitionRevenue recognition refers to the accounting principle that determines…

Answered: During the month, Phoenix Enterprises…

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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During the month, Phoenix Enterprises earned $15,000 in revenue, but only $13,000 of that had been received by the end of the month. Phoenix's only expense was rent of $4,200, but the company will pay for that next month. How much did Phoenix report in net income for the month?