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Why do report a profit for the month when cash was received

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Problem 1: You work as an accountant for a retail business. How would you respond to owner's question after he reviews the monthly income statement prepared by you. Why do you report a profit of only 20000$ for the month when 80000$ cash was received from customers and 30000$ cash were paid for expenses during the month?

Reference no: EM132772550

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