Bayt.com

Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

On July Assuming Revenues : for cash $20,000; on account $70,000. Expenses incurred: for cash $26,000; on account $40,000. indicate netcome ?

Accounting Financial Accounting
user-image
Question added by abdelaziz allam , محاسب اول , شركة كامبردج مصر للاستثمار التعليمي ش.م.م
Date Posted: 2016/02/17
Upvote (0) Views (5) Followers (3) Answers (2) Report Question
Write an Answer
Register now or log in to answer.
Mohamed Berber

total revenues = 20,000+70,000 = 90,000

total expenses= 26,000+40,000=66,000

net income = total revenues - total expenses = 90,000- 66,000 = 24,000

 

 

MUHAMMAD ETIMAD SYED
by MUHAMMAD ETIMAD SYED , Senior Financial Accountant , TA'AZ Group of Companies

Net Income would be $ 24,000. For calculating the net income, you have to consider revenues and exenses not even received / paid in cash. 

Write Your Answer
More Questions Like This