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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Accounting What the Numbers Mean

ISBN: 978-1260565492

12th edition

Authors: David Marshall, Wayne McManus, Daniel Viele

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Question Posted: Oct 28, 2019 08:03 AM

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During the month of April, Riley Co. had cash receipts from customers of $780,000. Expenses totaled $624,000,

Question:

Step by Step Answer:

a Revenues 624000 Expenses 218000 Net income Revenues 842000 b Cash receipts ...View the full answer

Accounting What the Numbers Mean

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