Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. revenue on account amounted to $5,400. cash collec

Revenue on account amounted to $5,400. Cash collections of accounts receivable amounted to $3,350. Expenses...

50.1K

Verified Solution

Question

Accounting

image
image
Revenue on account amounted to $5,400. Cash collections of accounts receivable amounted to $3,350. Expenses for the period were $2,800. The company paid dividends of $800 What was the amount of net income for the period? Multiple Choice $2,550 o 5550 $2,600 0 $1,800 Rushmore Company provided services for $30,000 cash during Yeart Rushmore incurred $22,000 expenses on account during Year 1, and by the end of the year, $8,000 of that amount had been paid with cash. Assuming that these are the only accounting events that affected Rushmore during Year 1, which of the following statements is true? Multiple Choice The amount of net income shown on the income statement is $14,000 The amount of net cash flow from operating active shown on the statement of cash flows a $16.000, The amount of net loss shown on the income statement is $8.000 The amount of net income shown on the income statement is $8.000

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students