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Unit 2 Discussion Anne Marie, the owner of Annes Beauty Salon continues to ask you...

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Accounting

Unit 2 Discussion Anne Marie, the owner of Annes Beauty Salon continues to ask you questions about her financial statements: What does net income mean on the income statement? The income statement says that I made $15,000 net income, but I only have 949.50 cash. I don't understand why I have so much net income and so little cash. I did several haircuts during the last week of the year and sent bills to all the customers? When is that counted? In December I was paid $200 in advance for some hair coloring I will do in January next year. My accountant tells me thats a liability. That does not make sense

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