The owner of a business reviews the income statement, Accounting Basics

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The owner of a business reviews the income statement

Problem

The owner of a business reviews the income statement prepared by you and asks "Why do you report a profit of only $60,000 when total cash received was $200,000 and total cash payments for the year were $100,000?"

How would you respond to the owner?

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Accounting Basics: The owner of a business reviews the income statement

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Accounting Basics: The owner of a business reviews the income statement

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