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? Income Statement Statement of Cash Flows
A) $ 2,000 $ 2,000
B) $ 2,000 $ 1,500
C) $ 1,500 $ 1,500
D) $ 500 $ 500
Correct Answer:
Verified
Q3: Clayton City Consultants started business on January
Q10: Camp Consulting Services started business on January
Q13: During December,Dearborne Inc.purchased $800 of supplies for
Q41: A pool cleaning service signs a contract
Q47: Why is the use of the U.S.dollar
Q50: The selection of historical cost over current
Q54: An accountant describes the effects of an
Q56: Which one of the following statements is
Q63: When is revenue from the sale of
Q68: When are revenues and expenses recognized in
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents