Hensley Painting Company painted four houses in June at $500 each.At the end of June, three homeowners had paid Hensley cash for the jobs.Under the accrual basis, what amounts will be reported on the income statement and the statement of cash flows for June? $$\begin{array}{l}
&\text {Income Statement }&\text { Statement of Cash Flows}\
\hline a.&(\$2,000)&(\$2,000)\
b.&(\$2,000)&(\$1,500)\
c.&(\$1,500)&(\$1,500)\
d.&(\$500)&(\$500)\
\end{array}$$

Question

Hensley Painting Company painted four houses in June at $500 each.At the end of June, three homeowners had paid Hensley cash for the jobs.Under the accrual basis, what amounts will be reported on the income statement and the statement of cash flows for June? ​ $$\begin{array}{l}
&\text {Income Statement }&\text { Statement of Cash Flows}\
\hline a.&(\$2,000)&(\$2,000)\
b.&(\$2,000)&(\$1,500)\
c.&(\$1,500)&(\$1,500)\
d.&(\$500)&(\$500)\
\end{array}$$

Quizplus · Accepted Answer

The Answer of Hensley Painting Company painted four houses in June at $500 each.At the end of June, three homeowners had paid Hensley cash for the jobs.Under the accrual basis, what amounts will be reported on the income statement and the statement of cash flows for June? ​ $$\begin{array}{l}
&\text {Income Statement }&\text { Statement of Cash Flows}\
\hline a.&(\$2,000)&(\$2,000)\
b.&(\$2,000)&(\$1,500)\
c.&(\$1,500)&(\$1,500)\
d.&(\$500)&(\$500)\
\end{array}$$

Hensley Painting Company Painted Four Houses in June at $500