Comparing Income with Cash Flow (A Challenging Problem) Huang Tr

Comparing Income with Cash Flow (A Challenging Problem)

Huang Trucking Company was organized on January 1, 2011. At the end of the first quarter (three months) of operations, the owner prepared a summary of its activities as shown in the first row of the following tabulation:


Computation of Summary of Transactions Income Cash a. Services performed for customers, $66,000, of which $11,000 remain


Required:
1. For each of the six transactions given in this tabulation, enter what you consider the correct amounts. Enter a zero when appropriate. The first transaction is illustrated.
2. For each transaction, explain the basis for your dollarresponses.

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