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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

Accounting Jan 23, 2021

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?

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