Silo company had the following transactions during Dec. 2018. Earned services revenue on account $4,500, Collected $2,000 in cash for services performed, Paid $1,325 cash in salaries, Purchased airline tickets for $250 cash for a trip in Aug. 2019. What is the net income using accrual and cash basis accounting?
Silo company had the following transactions during Dec. 2018. Earned services revenue on account $4,500, Collected $2,000 in cash for services performed, Paid $1,325 cash in salaries, Purchased airline tickets for $250 cash for a trip in Aug. 2019. What is the net income using accrual and cash basis accounting?
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 7E: FedEx Corporation had the following revenue and expense account balances (in millions) for a recent...
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Silo company had the following transactions during Dec. 2018. Earned services revenue on account $4,500, Collected $2,000 in cash for services performed, Paid $1,325 cash in salaries, Purchased airline tickets for $250 cash for a trip in Aug. 2019. What is the net income using accrual and cash basis accounting?
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