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Question - The following transactions occurred during July:
1. Received $1,030 cash for services provided to a customer during July.
2. Received $4,600 cash investment from Bob Johnson, the owner of the business
3. Received $880 from a customer in partial payment of his account receivable which arose from sales in June.
4. Provided services to a customer on credit, $505.
5. Borrowed $7,300 from the bank by signing a promissory note.
6. Received $1,380 cash from a customer for services to be rendered next year.
What was the amount of revenue for July?
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In addition, Trike1 owns 100% of Trike2, a U.K. corporation that markets Trike1's products in the United Kingdom. At end of the current year, the undistributed earnings and foreign income taxes of Trike1 and Trike2 are as follows:
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