Summarized operations for Bayles Co. for the month of July are as follows. Revenues recognized: for cash $20,000; on account $70,000. Expenses incurred: for cash $26,000; on account $40,000. Indicate for Bayles Co. (a) The total revenues, (b) The total expenses, (c) Net income for the month of July.
Chapter 1, Questions #21
Summarized operations for Bayles Co. for the month of July are as follows.
Revenues recognized: for cash $20,000; on account $70,000.
Expenses incurred: for cash $26,000; on account $40,000.
Indicate for Bayles Co.
(a) The total revenues,
(b) The total expenses,
(c) Net income for the month of July.
Revenues recognized: for cash $20,000; on account $70,000.
Expenses incurred: for cash $26,000; on account $40,000.
Indicate for Bayles Co.
(a) The total revenues,
(b) The total expenses,
(c) Net income for the month of July.
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Answer
(a) Total revenues ($20,000 + $70,000) ............................................................... …View the full answer
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Accounting Principles
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
ISBN: 9781118566671