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 ?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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