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Turner Enterprises had the following summarized operations for the month of April: . Revenues: for cash, $40,000; on account, $22,000 . Expenses incurred: for cash, $7,000; on account, $12,000 Purchase of equipment for $10,000 on account Purchase of supplies for $6,000 for cash How much is the net income for the month of April? a. $38,000 b. $43,000 c. $15,000 d. $50,000

Turner Enterprises had the following summarized operations for the month of April: . Revenues: for cash, $40,000; on account, $22,000 . Expenses incurred: for cash, $7,000; on account, $12,000 Purchase of equipment for $10,000 on account Purchase of supplies for $6,000 for cash How much is the net income for the month of April? a. $38,000 b. $43,000 c. $15,000 d. $50,000

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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How much is the net income for the month of April?

Turner Enterprises had the following summarized operations for the month of April: . Revenues: for cash, $40,000; on account, $22,000 . Expenses incurred: for cash, $7,000; on account, $12,000 Purchase of equipment for $10,000 on account Purchase of supplies for $6,000 for cash How much is the net income for the month of April? a. $38,000 b. $43,000 c. $15,000 d. $50,000
Transcribed Image Text:Turner Enterprises had the following summarized operations for the month of April: . Revenues: for cash, $40,000; on account, $22,000 . Expenses incurred: for cash, $7,000; on account, $12,000 Purchase of equipment for $10,000 on account Purchase of supplies for $6,000 for cash How much is the net income for the month of April? a. $38,000 b. $43,000 c. $15,000 d. $50,000
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