ACC150 Unit 2 Discussion
Question # 00836994 Posted By: Updated on: 01/11/2023 01:01 AM Due on: 01/11/2023
Subject Accounting Topic Accounting Tutorials:
Unit 2 Discussion (ACC150 - Accounting Essentials)
Anne Marie, the owner of Anne’s Beauty Salon continues to ask you questions about her financial statements:
- What does net income mean on the income statement?
- The income statement says that I made $15,000 net income, but I only have 949.50 cash. I don't understand why I have so much net income and so little cash.
- I did several haircuts during the last week of the year and sent bills to all the customers? When is that counted?
- In December I was paid $200 in advance for some hair coloring I will do in January next year. My accountant tells me that’s a liability. That does not make sense.
Solution: ACC150 Unit 2 Discussion