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Determine overnite net income for july

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Reference no: EM132954424

Question - The accounts in the ledger of Overnite Delivery Service contain the following balances on July 31, 2020 (amounts in thousands).

Accounts Receivable ¥ 7.640

Prepaid Insurance ¥ 1.968

Accounts Payable 8,394

Maintenance and Repairs Expense 961

Cash ?

Service Revenue 10,610

Equipment 45,360

Dividends 700

Gasoline Expense 758

Share Capital-Ordinary 38.000

Utilities Expense 523

Salaries and Wages Expense 4,428

Notes Payable 17,000

Salaries and Wages Payable 815

Required -

a) Determine Overnite's net income for July 2020

b) Determine the cash balance and write a statement of financial position for Overnite Delivery Services Ltd as of July 31, 2020.

Reference no: EM132954424

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