Homework answers / question archive / Athens Company had the following transactions during the month of August: Paid $75 for rent on a warehouse covering August, September, and October; Performed $230 of services for customers, $56 was on account with the remainder received in cash; Purchased $68 of equipment financed by a note payable (ignore depreciation); Paid $120 to suppliers, $34 was to pay outstanding accounts payable and the rest was for current period expenses; Received $43 from customers for services performed in July

Athens Company had the following transactions during the month of August: Paid $75 for rent on a warehouse covering August, September, and October; Performed $230 of services for customers, $56 was on account with the remainder received in cash; Purchased $68 of equipment financed by a note payable (ignore depreciation); Paid $120 to suppliers, $34 was to pay outstanding accounts payable and the rest was for current period expenses; Received $43 from customers for services performed in July

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Athens Company had the following transactions during the month of August:

• Paid $75 for rent on a warehouse covering August, September, and October;
• Performed $230 of services for customers, $56 was on account with the remainder received in cash;
• Purchased $68 of equipment financed by a note payable (ignore depreciation);
• Paid $120 to suppliers, $34 was to pay outstanding accounts payable and the rest was for current period expenses;
• Received $43 from customers for services performed in July.

Assuming Athens Company uses the accrual method of accounting, how much net income did Athens report during August?