Daube Company's operations for the month of July are summarized as follows:A. Provided $9,400 of services on account. B. Received $3,800 cash from customers for services provided in July. C. Received $1,900 cash for services to be provided in August. D. Received $2,300 cash from customers on account for services provided in June. E. Paid June's warehouse rental bill on account in the amount of $1,500. F. Received July's warehouse rental bill of $1,000; set it aside to be recorded at a later date. Required:a. Determine the net income for July using the cash basis of accounting. Net Income?b. Determine the net income for July using the accrual basis of accounting. Net Income?
What will be an ideal response?
a.
| Net Income | $6,500? |
| Net Income | $12,200? |
You might also like to view...
Picking pockets is not robbery.
Answer the following statement true (T) or false (F)
Raymundo contracts to provide Simone with twenty hours of levitation lessons. The state legislature subsequently passes a law making the teaching of levitation illegal. This law will A) discharge the contract
B) fulfill the contract. C) not affect the contract. D) require immediate performance of the contract.
Reliance on a misrepresentation is justified if the misrepresentation is an obviously extravagant statement.
Answer the following statement true (T) or false (F)
Under the Equal Pay Act of 1963 an employee may not be paid at a lesser rate than employees of the opposite sex for tasks requiring equal skill, effort, and responsibility under similar working conditions
Indicate whether the statement is true or false