Question

Question 17 1 pts The following table provides Acme Corp's transaction for the month. Using the MODIFIED CASH BASIS method and only the transactions listed, calculated the firm's NET INCOME for the month. Enter negative values using the minus sign (e.g.-122) Value 12.236 -400 -800 Transaction Issued shares of capital stock for cash Rented space at a self-storage for 2 weeks paid cash Purchased supplies to be used on a job during this month payment due next month Received a loan from a bank to be paid back in 1 year Received payment from customer for work completed and billed in previous month Paid miscellaneous expenses Received payment for customer for work completed and billed during this month Billed a customer for work completed to be paid in the next month Paid hourly employees for work completed during the month Recorded depreciation of office building 8,808 1.346 -800 6,470 6.984 -2,000 - 1,000

Answer 1

Recd. Payment from customer for work competed & billed in previous mth.	1346
Recd. Payment from customer for work competed & billed during this mth.	6470
Rented space at a self-storage for 2 weeks paid cash	-400
Paid miscellaneous expenses	-800
Paid hourly employees for work completed during the month	-2000
Recorded depreciation of office building	-1000
Net income (as per modified cash basis)	3616