Reference no: EM131970646
Problem
Revenue and Expense Recognition
Astrid Transportation Inc., headquartered in Atlanta, Georgia, uses accrual-basis accounting and engaged in the following transactions:
billed customers $2,412,120 for transportation services
collected cash from customers in the amount of $1,381,975
purchased fuel supplies for $1,333,800 cash
used fuel supplies that cost $1,305,490
employees earned salaries of $298,800
paid employees $280,300 cash for salaries
Required:
Determine the amount of sales revenue and total expenses for Astrid's income statement.
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