4)Summarized operations for H

Accounting Jan 21, 2021

4)Summarized operations for H. J. Oslo Co. for the month of July are as follows. Revenues earned: for cash £30,000; on account 170.000. Expenses incurred: for cash £26,000: on account £40,000. Indicate for H. J. Oslo Co. (a) the total revenues, (b) the total expenses, and (c) net income for the month of July. Answer:

Expert Solution

a) Total revenue = sales on cash + account

= £30000+70000 =£100000

b) Total expenses = expenseson cash + account

=£26000+40000 =£66000

c) Net income = Total Revenue - Total expenses

= £100000-66000

= £34000

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