Question 1 of 5 -/2 E View Potices Current Attempt in Progress In its first year of operations, Susan Corp. earned $47,1

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Question 1 Of 5 2 E View Potices Current Attempt In Progress In Its First Year Of Operations Susan Corp Earned 47 1 1 (28.91 KiB) Viewed 16 times

Question 1 of 5 -/2 E View Potices Current Attempt in Progress In its first year of operations, Susan Corp. earned $47,100 in service revenue. Of that amount. $8,700 was on account and the remainder, $38,400, was collected in cash from customers. The company incurred various expenses totalling $32,800, of which $29,300 was paid in cash. At year end, $3,500 was still owing on account. In addition, Susan prepaid $2,000 for insurance coverage that covered the last half of the first year and the first half of the second year. Susan expects to owe $3,000 of income tax when it files its corporate income tax return after year end. (a) Calculate the first year's net income under the accrual basis of accounting Net income under accrual basis $ Attempts: 0 of 3 used Submit Answer I