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Expenses totaled 624000 and accrual basis net income was

Cash receipts versus revenues. During the month of April, Riley Co. had cash receipts from customers of $680,000. Expenses totaled $624,000, and accrual basis net income was $168,000. There were no gains or losses during the month.

Required:

a. Calculate the revenues for Riley Co. for April.

b. Explain why cash receipts from customers can be different from revenues.

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Accounting Basics: Expenses totaled 624000 and accrual basis net income was

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Accounting Basics: Expenses totaled 624000 and accrual basis net income was

Reference No:- TGS01210294

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