Question: please help On July 1, Abbot Co, performed $95,000 of programming services for Crockett Co. Oa July 28, Crockett Co. paid Abbot Co. 535,000 and

On July 1, Abbot Co, performed $95,000 of programming services for Crockett Co. Oa July 28, Crockett Co. paid Abbot Co. 535,000 and agreed to pay the remainder on August 20. On July 31, the Financial Statements of Crockett Co, will show which of the following for these transactions? 2. 560,000 increase in Current Assets, no change in Current Liabilities, 560,000 increase in Net Income b. 535,000 decrease in Curreat Assets; 560,000 increase in Current Liabilities; 595,000 decrease in Net Income c 595,000 increase in Current Assets; no change in Current Lilabilities; $95,000 increase in Net Income A. 535,000 increase in Current Assets; $95,000 increase in Current Liabilities; $60,000 decrease in Net income
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
