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March 29, 2017

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On March 3, a customer gives you $1800 cash for services not yet performed. At the end of the month, only $600 of services are performed. In preparing the March statement, all $1800 was listed as revenue. What errors would this cause? What principles are involved? What is the effect on the balance sheet and income statement?

  • accounting - ,

    Use your knowledge of income statements to fill in the missing items:

    Sales
    Cost of goods sold $575,000
    Gross profit $1,600,000
    General and
    administrative expense $200,000
    Selling and
    marketing expense $
    Depreciation $50,000
    Operating income $
    Interest $100,000
    Income before taxes $
    Income taxes (30%) $
    Net Income $700,000

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