In its first year of operations, Grace Company reports the following:
Earned revenues o...
Business, 11.03.2020 00:44 buddyben422
In its first year of operations, Grace Company reports the following:
Earned revenues of $60,000 ($52,000 cash received from customers);
Incurred expenses of $35,000 ($31,000 cash paid toward them);
Prepaid $8,000 cash for costs that will not be expensed until next year.
Net income under the accrual basis of accounting is:
A) $17,000.
B) $13,000.
C) $21,000.
D) $25,000.
E) None of these options are correct
Answers: 2
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