Determine the amounts for total revenue, total expenses, income from operations.
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Selected transaction data of a business for June are summarized below. Determine the following amounts for June:
(a) total revenue,
(b) total expense,
(c) income from operations.
Service sales charged to customers on account during June $35,000
Cash received from cash customers for services performed in June 30,000
Cash received from customers on account during June:
Services performed and charged to customers prior to
June 15,000
Services performed and charged to customers during June 20,000
Expenses incurred prior to June and paid during June 8,250
Expenses incurred and paid in June 38,500
Expenses incurred in June but not paid in June 7,000
Expenses for supplies used and insurance (not included above) applicable to June 1,000
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The solution explains how to determine the amounts for total revenue, total expenses and income from operations.
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Service sales charged to customers on account during June $35,000
This is sales
Cash received from cash customers for services performed in June $30,000
This is cash sales
Cash received from customers on account during June:
Services performed ...
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