Reference no: EM133555222

Question: Income Statement Problem to attempt re Asynchronous Video Consider the following facts: Bob started a small retail business on June 1, 2021, investing $100,000 of his savings into the venture On June 1 he spent $40,000 on non-current assets for his store and bought goods for resale costing $20,000, paid $15,000 in cash with the remaining $5,000 to be paid on July 1. He also owes another $500 for the delivery on the inventory that will be paid in during July. He expects the assets to last 10 years, with no residual value and have a similar use each month. Of his June sales $22,000 was collected in cash and another $13,000 was sold on account with terms of net 30 days. He has no reason to believe that his customers will not pay in full He had other operating costs of $4,000 of which $700 had not been paid at the end of June At the end of June his inventory on hand was $4,500 Answer the following questions What amount should he recognize as revenue in June?$35,000. What amount should he recognize as cost of goods sold in June?$15,500. What amount should he recognize as depreciation June?$333.3 What