Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the following selected account balances were taken

The following selected account balances were taken from ABC Company's general ledgers for July: July...

80.2K

Verified Solution

Question

Accounting

The following selected account balances were taken from ABC Company's general ledgers for July: July 1 July 31 Accounts payable $26,000 $49,000 Prepaid insurance $33,000 $15,000 Income tax payable $14,000 $22,000 Inventory $68,000 $84,000 Accounts receivable $52,000 $71,000 ABC Company's statement of cash flows for July included the following: Cash collections from customers ..... $404,000 Cash paid to purchase inventory ..... $269,000 Cash paid for insurance ............. $ 57,000 Cash paid for income taxes .......... $ 31,000 ABC Company's income statement for July appears below: Sales revenue ....................... ? Cost of goods sold .................. ? Insurance expense ................... ? Income tax expense .................. ? Net income .......................... ? Calculate ABC Company's net income for July.

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