Chapter 7, Problem 7.2E

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Premier Utilities Group Company's revenue for April is $92,000, but only $22,000 cash is collected. Expenses for April are $53,000, of which $37,000 is paid in cash. During April, additional capital stock is issued in exchange for $8,000 cash. Using the accrual basis of accounting, what would Premier Utilities Group Company's income statement for April report? Need answer

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Financial accounting question

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