Business, 14.02.2020 01:17 20alyssityh224
Hall Company began the period with a $10,000 balance in Cash, a $25,000 balance in Accounts Receivable, and a $35,000 balance in Retained Earnings. During the period Hall provided $75,000 of consulting services on account, collected $70,000 of the accounts receivable, paid $21,000 cash for salary expense, and accrued $4,000 salary expense a the end of the period. Which of the following statements is incorrect?
a. The net income shown on the income statement is $100,000.
b. The ending Cash on the balance sheet is $118,000.
c. The ending Retained Earnings on the balance sheet is $100,000.
d. The ending Accounts Receivable balance is $60,000.
Answers: 1
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Hall Company began the period with a $10,000 balance in Cash, a $25,000 balance in Accounts Receivab...
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