Solution-What was the income to be reported

What was the income to be reported

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Question - Jennie started operating a service proprietorship on April 1, 2021 with an initial cash investment of 100,000. The business provided 58,500 of services in April and received full payment in May. The business incurred expenses of 20,300 in April which were paid in June. During May, Jennie drew P4,300 against his capital account. What was the income to be reported for the 2 months ended May 2021 under cash basis?

Reference no: EM133146759

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What was the income to be reported

Reference no: EM133146759

Reference no: EM133146759

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