Yorktowne uses the accrual basis: Yorktowne received cash from customers of $34,000 during 2022. Yorktowne provided goods and services to customers worth $58,000 during 2022. Yorketowne paid cash for bills of $23,000 during 2022. Yorketowne accrued expenses worth $21,000 during 2022. What is net income under the accrual basis used for GAAP?
Yorktowne uses the accrual basis: Yorktowne received cash from customers of $34,000 during 2022. Yorktowne provided goods and services to customers worth $58,000 during 2022. Yorketowne paid cash for bills of $23,000 during 2022. Yorketowne accrued expenses worth $21,000 during 2022. What is net income under the accrual basis used for GAAP?
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter3: Accrual Accounting
Section: Chapter Questions
Problem 2MCQ: In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in...
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Yorktowne uses the accrual basis:
Yorktowne received cash from customers of $34,000 during 2022.
Yorktowne provided goods and services to customers worth $58,000 during 2022.
Yorketowne paid cash for bills of $23,000 during 2022.
Yorketowne accrued expenses worth $21,000 during 2022.
What is net income under the accrual basis used for GAAP?
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