The following transactions took place in January 2020 for Kiboko Inc. - Received $40,000 from customers...
The following transactions took place in January 2020 for Kiboko Inc.
- Received $40,000 from customers as collection for goods sold
in December 2019.
- Paid $1,000 rent for January 2020.
- Received $20,000 as deposit for goods to be shipped in February
2020.
- Paid $4,000 for advertisements during Christmas.
- Performed services valued at $10,000 and received $5,000 with
balance to be collected in February 2020.
- Paid $2,400 for designation membership for 2020.
What is Kiboko's income under accrual accounting?
-
$57,600
-
$4,800
-
$62,600
-
$8,800
-
None of the above
Homework Answers
| income under accrual accounting | |
| Sales revenue | $ 10,000 |
| Less: | |
| Expenses | |
| Rent for jan 2020 | $ 1,000 |
| designation membership (2400/12) | $ 200 |
| Net income | $ 8,800 |
| Correct Option: $8800 |
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