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14-02-2020
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Rushmore Company provided services for $45,000 cash during Year 1. Rushmore incurred $36,000 of operating expenses on account during Year 1, and by the end of the year, $9,000 of that amount had been paid with cash. If these are the only accounting events that affected Rushmore during Year 1, which of the following statements is true?

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andromache andromache

14-02-2020

Answer:

The amount of the net income shown on the income statement is $9,000

Explanation:

The computation of the net income is shown below:

Net income = Services provided for cash = operating expenses incurred

= $45,000 - $36,000

= $9,000

According to the matching principle, the revenues of a particular period should always be matched with the expenses that are incurred in that particular year

So, the net income that is to be reported on the income statement is $9,000

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