Mastery Module Week 1

Mastery Module Week 1 - [Type text[Type text Categories...

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[Type text] Categories that can be found on an income statement: Revenues, Gains, Expenses, Losses Owners Equity, Liabilities, Assets Which accounts would be classified as assets? Inventory, Accounts Receivable, Cash, Equipment Sales Revenues, Retained Earnings, Notes Payable, Cost of Sales Which accounts are liabilities? Accounts Payable, Notes Payable, Wages Payable, Accrued Interest Payable Selling Expenses, Wage Expenses, Retained Earnings, Cost of Sales Which Accounts would be found on the income statement? Wage Expense, Cost of Sales, Selling Expenses, Sales Revenue Accounts Payable, Wages Payable, Notes Payable, Retained Earnings Buckley Bookstore opened in 2007. Buckley’s sales were $45,000 of which $40,000 was collected by the end of the year. Buckley purchased equipment for $3,000 and also during the year incurred expenses of $28,750. What is the value for Buckley’s 2007 Net income? Amount of Net Income=$16,250
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Mastery Module Week 1 - [Type text[Type text Categories...

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