Rushmore Company provided services for $45,000 cash during Year 1. Rushmore incurred $36,000 expenses on account during Year 1, and by the end of the year, $9,000 of that amount had been paid with cash. Assuming that these are the only accounting events that affected Rushmore during Year 1 Multiple Choice The amount of net cash flow from operating activities shown on the statement of cash flows is $ The amount of net loss shown on the income statement is $9,000. The amount of net income shown on the income statement is $9,000 The amount of net income shown on the income statement is $27000

The amount of net income shown on the income statement is $9,000

Explanation:

Given:

Cash Income during the year = $45,000

Expenses during the year = $36,000

Cash Amount paid = $9,000

Net Income = ?

Calculation:

Net Income = Total Revenue - Total expenses.

Net Income = $45,000 - $36,000

Net Income = $9,000

Therefore, $9,000 show as a Income in income Statement .

Note: Cash paid is not considered as a loss in the Income statement.

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