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Paha777 [63]
3 years ago
14

Daube Company's operations for the month of July are summarized as follows: Provided $8,600 of services on account. Received $3,

800 cash from customers for services provided in July. Received $1,100 cash for services to be provided in August. Received $5,100 cash from customers on account for services provided in June. Paid June’s warehouse rental bill on account in the amount of $1,200. Received July’s warehouse rental bill of $1,300; set it aside to be recorded at a later date. Required: Determine the net income for July using the cash basis of accounting. Determine the net income for July using the accrual basis of accounting.
Business
1 answer:
Norma-Jean [14]3 years ago
8 0

Answer: See explanation

Explanation:

a. Determine the net income for July using the cash basis of accounting.

Revenue = $3800 + $1100 + $5100 = $10000

Less: Expense = $1200

Net Income = $10000 - $1200 = $8800

b. Determine the net income for July using the accrual basis of accounting.

Revenue = $8600 + $3800 = $12400

Less: Expense = $1300

Net income = $12400 - $1300 = $11100

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use reasonable diligence and skill in selling.

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Argue why are Treasury bills a favorite place for financial managers to invest excess cash, as compared to other options? Your a
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Treasury bills are a favorite place for financial managers to invest excess cash because of the sizable and vibrant market in which they are traded.

<h3>What are treasury bills?</h3>

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Correct option is A. The best definition of the capability of a process is how well the input of a process satisfies the customer of the process.

<h3>What is the purpose of process capability analysis?</h3>

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In actuality, it compares the distribution of sample values—representing the output of the process—against the specification limits, or the upper and lower bounds of what we aim to achieve. It may also be compared to a specification target.

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Categories of expenditures Gilberto and Juanita Jones live in Swarthmore, PA. Juanita's father, Lorenzo, lives in Sweden. For ea
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