Rushmore Company provided services for $37,500 cash during Year 1. Rushmore incurred $27,000 in expenses on account during Year 1, and by the end of the year, $10,500 of that amount had been paid with cash. Assuming that these are the only accounting events that affected Rushmore during Year 1, what will be the net income?

Answer rating: 100% (QA)

Solution Given Total revenue 37500 services provided for cash Tota... View the full answer