I want to correct answer general accounting The financial statements for Harold Corporation contained the following information:Accounts receivableSales revenueCash$5,00075,00015,000Salaries and wages expense 20,000Rent expense10,000How much was Harold's net income?a. $60,000b. $15,000c. $65,000d. $45,000

To calculate Harold's net income, we follow the formula:Net Income = Revenues − ExpensesIdentify the…

Answered: The financial statements for Harold…

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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The following data are taken from the financial statements of Basinger Inc. Terms of all sales are 2/10, n/45. 20Y3 20Y2 20Y1 Accounts receivable, end of year $106,000 $113,000 $120,600 Sales on account 602,250 584,000 a. For 20Y2 and 20Y3, determine (1) the accounts receivable turnover and (2) the number of days' sales in receivables. Round interim calculations to the nearest dollar and final answers to one decimal place. Assume a 365-day year. 20Y3 20Y2 1. Accounts receivable turnover fill in the blank 1 fill in the blank 2 2. Number of days' sales in receivables fill in the blank 3 days fill in the blank 4 days
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The financial statements for Harold Corporation contained the following information: Accounts receivable Sales revenue Cash $5,000 75,000 15,000 Salaries and wages expense 20,000 Rent expense 10,000 How much was Harold's net income? a. $60,000 b. $15,000 c. $65,000 d. $45,000