CASH from Operations v GAAP Net Income from Operations

The Upton Country Store had the following transactions in April:

Sold $25,000 of goods to customers and received $22,000 in cash and the rest are on account

The cost of the inventory sold was $13,000

The store purchased $8,000 of inventory and paid for $4,000 in cash and the rest were bought on account

They paid $7,000 in wages for the month

Received a $600 bill for utilities for the month that will not be paid until May

Received rent for the adjacent store front for the months of April and May totalling $3,000

Required: Complete the following statements for April:

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Cash Flow Statement

Cash In

Cash Out

Cash Flow from Operations

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Accrual Basis Income Statment (GAAP)

Revenues

Expenses

GAAP Net Income

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