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Accounting(cash basis of accounting)
Roberts Company prepared the following income statement using the cash basis of accounting:
ROBERTS COMPANY Income Statement, Cash Basis Year Ended December 31, 2007 Service revenue (does not include $40,000 of services performed on account because the collection will not be until 2008) $370,000 Expenses (does not include $25,000 of expenses on account because payment will not be made until 2008) 220,000 Net income $150,000 Additional data: 1. Amortization on a company automobile for the year amounted to $6,000. This amount is not included in the expenses above. 2. On July 1, 2007, paid for a one-year insurance policy on the automobile amounting to $1,800. This amount is included in the expenses above. |
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