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The following selected account balances were taken from ABC Company's general ledgers for July: Accounts payable Prepaid insurance Income tax payable Inventory Accounts receivable July 1 $26,000 $33,000 $14,000 Sales revenue Cost of goods sold $68,000 $52,000 ABC Company's statement of cash flows for July included the following: Cash collections from customers Cash paid to purchase inventory Cash paid for insurance ... Cash paid for income taxes ABC Company's income statement for July appears below: ? ? ..... ... July 31 $49,000 $15,000 $22,000 $84,000 $71,000 Insurance expense Income tax expense Net income Calculate ABC Company's net income for July. $404,000 $269,000 $ 57,000 $ 31,000 ?

The following selected account balances were taken from ABC Company's general ledgers for July: Accounts payable Prepaid insurance Income tax payable Inventory Accounts receivable July 1 $26,000 $33,000 $14,000 Sales revenue Cost of goods sold $68,000 $52,000 ABC Company's statement of cash flows for July included the following: Cash collections from customers Cash paid to purchase inventory Cash paid for insurance ... Cash paid for income taxes ABC Company's income statement for July appears below: ? ? ..... ... July 31 $49,000 $15,000 $22,000 $84,000 $71,000 Insurance expense Income tax expense Net income Calculate ABC Company's net income for July. $404,000 $269,000 $ 57,000 $ 31,000 ?

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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The following selected account balances were taken from ABC Company's general ledgers for July: Accounts payable Prepaid insurance Income tax payable Inventory Accounts receivable July 1 $26,000 $33,000 $14,000 $68,000 $52,000 ABC Company's statement of cash flows for July included the following: .... Cash collections from customers Cash paid to purchase inventory Cash paid for insurance Cash paid for income taxes ABC Company's income statement for July appears below: ... July 31 $49,000 $15,000 $22,000 $84,000 $71,000 Sales revenue Cost of goods sold Insurance expense Income tax expense Net income Calculate ABC Company's net income for July. $404,000 $269,000 $ 57,000 $ 31,000 ? ? ?
Transcribed Image Text:The following selected account balances were taken from ABC Company's general ledgers for July: Accounts payable Prepaid insurance Income tax payable Inventory Accounts receivable July 1 $26,000 $33,000 $14,000 $68,000 $52,000 ABC Company's statement of cash flows for July included the following: .... Cash collections from customers Cash paid to purchase inventory Cash paid for insurance Cash paid for income taxes ABC Company's income statement for July appears below: ... July 31 $49,000 $15,000 $22,000 $84,000 $71,000 Sales revenue Cost of goods sold Insurance expense Income tax expense Net income Calculate ABC Company's net income for July. $404,000 $269,000 $ 57,000 $ 31,000 ? ? ?
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