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Business, 13.11.2019 23:31 marifermolina

In its first year of operations, grace company reports the following: earned revenues of $60,000 ($52,000 cash received from customers); incurred expenses of $35,000 ($31,000 cash paid toward them); prepaid $8,000 cash for costs that will not be expensed until next year. net income under the accrual basis of accounting is
a) $17,000.
b) $13,000
c) $21,000.
d) $25,000.
e) none of these options are correct

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In its first year of operations, grace company reports the following: earned revenues of $60,000 ($...
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