Unformatted text preview: • Purchased $50,000 in new LONG TERM equipment, paying $10,000 in cash and signing a note due June 30, 2007 for the remainder. • Gave $75,000 in sailing lessons; $60,000 was received in cash and the remainder will be received in 2008. • Had operating expenses of $35,000 - they were all paid in cash during 2007. What are Sabrina’s accrual net income? Accrual Net Income a. $30,000 b. $240,000 c. $40,000 d. $25,000...
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This note was uploaded on 03/19/2008 for the course ACCT 201 taught by Professor Anothony during the Fall '07 term at Michigan State University.
- Fall '07