During the month of March, Weimar World, a tax-preparation service, had the following transactions.
- Billed $396,800 in revenues on credit
- Received $131,200 from customers’ accounts receivable
- Incurred expenses of $155,200 but only paid $70,160 cash for these expenses
- Prepaid $25,776 for computer services to be used next month

What was the company’s accrual basis net income for the month?

Answer rating: 100% (QA)

To calculate the accrual basis net income for the month we need to consider both revenues and e... View the full answer