Answer:- B. Credit balance of $7,000
Computation:-
Revenue $15,000
Less: Expenses ($8,000)
Net Income ($7,000)
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the earned revenues of $15,000 and incurred expenses of $8,000. The company declared and paid cash...
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9 and 10
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Troy Company earned $15,000 of cash revenue. Troy incurred
$12,000 of utility expense on account during Year 1. The company
made cash payments of $8,000 to reduce its accounts payable during
Year 1.
Required
Show the effects of the events on the financial statements
using a horizontal financial statements model like the following
one. In the Cash Flow column, use OA to designate operating
activity, IA for investment activity, FA for financing activity, NC
for net change in cash and...