Omega Transportation Inc., headquartered in Atlanta, Georgia, uses accrual-basis accounting and engaged in the following transactions: • billed customers $2,413,650 for transportation services • collected cash from customers in the amount of $1,381,975 purchased fuel supplies for $1,333,800 cash used fuel supplies that cost $1,304,750 • employees earned salaries of $297,100 • paid employees $280,300 cash for salaries Required: Determine the amount of sales revenue and total expenses for Omega's income statement. . Sales Revenue Total Expenses

Omega Transportation Inc., headquartered in Atlanta, Georgia, uses accrual-basis accounting and engaged in the following transactions: • billed customers $2,413,650 for transportation services • collected cash from customers in the amount of $1,381,975 purchased fuel supplies for $1,333,800 cash used fuel supplies that cost $1,304,750 • employees earned salaries of $297,100 • paid employees $280,300 cash for salaries Required: Determine the amount of sales revenue and total expenses for Omega's income statement. . Sales Revenue Total Expenses

Name: Omega Transportation Inc., headquartered in Atlanta, Georgia, uses ac
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Description: Omega Transportation Inc., headquartered in Atlanta, Georgia, uses accrual-basis accounting and engaged in the following transactions:• billed customers $2,413,650 for transportation servicescollected cash from customers in the amount of $1,381,975•

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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