During the month, Pinto Company earned $12,000 in revenue, but only $10,000 of that had been received by the end of the month. Pinto's only expense was advertising of $3,000, but the company will pay for that next month. How much did Pinto report in net income for the month? a. $10,000 b. $9,000 c. $7,000 d. $12,000

During the month, Pinto Company earned $12,000 in revenue, but only $10,000 of that had been received by the end of the month. Pinto's only expense was advertising of $3,000, but the company will pay for that next month. How much did Pinto report in net income for the month? a. $10,000 b. $9,000 c. $7,000 d. $12,000

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter7: Analysis Of Financial Statements

Section: Chapter Questions

Problem 1P: Greene Sisters has a DSO of 20 days. The companys average daily sales are 20,000. What is the level...

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