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Summarized operations for Bayles Co. for the month of July are as follows. Revenues recognized: for cash $30,390; on account $73,580. Expenses incurred: for cash $26,730; on account $40,330. Indicate for Bayles Co. (a) the total revenues, (b) the total expenses, and (c) net income for the month of July.

Summarized operations for Bayles Co. for the month of July are as follows. Revenues recognized: for cash $30,390; on account $73,580. Expenses incurred: for cash $26,730; on account $40,330. Indicate for Bayles Co. (a) the total revenues, (b) the total expenses, and (c) net income for the month of July.

FINANCIAL ACCOUNTING
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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Summarized operations for Bayles Co. for the month of July are as follows. Revenues recognized: for cash $30,390; on account $73,580. Expenses incurred: for cash $26,730; on account $40,330. Indicate for Bayles Co. (a) the total revenues, (b) the total expenses, and (c) net income for the month of July.
Transcribed Image Text:Summarized operations for Bayles Co. for the month of July are as follows. Revenues recognized: for cash $30,390; on account $73,580. Expenses incurred: for cash $26,730; on account $40,330. Indicate for Bayles Co. (a) the total revenues, (b) the total expenses, and (c) net income for the month of July.
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