During the month of April, Riley Co. had cash receipts from customers of $780,000. Expenses totaled $624,000,
Question:
During the month of April, Riley Co. had cash receipts from customers of $780,000. Expenses totaled $624,000, and accrual basis net income was $218,000. There were no gains or losses during the month.
Required:
a. Calculate the revenues for Riley Co. for April.
b. Explain why cash receipts from customers can be different from revenues.
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a Revenues 624000 Expenses 218000 Net income Revenues 842000 b Cash receipts ...View the full answer
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Related Book For
Accounting What the Numbers Mean
ISBN: 978-1260565492
12th edition
Authors: David Marshall, Wayne McManus, Daniel Viele
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