In June, Blackfly Ltd. received a $7,000 cash payment for work performed & billed the previous month. The company replanted a clear-cut area of northern Alberta for which it sent out an invoice for $25,000. At the beginning of the month the company had $2,000 of trees for planting. During the month the company purchased $2,000 more, and at the end of the month it was left with trees that had cost $1,000. The company's expenses were $1,000 in rent for its office and $3,000 in other expenses. Amortization on the truck and office equipment was calculated to be $2.000. The income tax rate is 10%. Total expenses for the month of June were _______________

In June, Blackfly Ltd. received a $7,000 cash payment for work performed & billed the previous month. The company replanted a clear-cut area of northern Alberta for which it sent out an invoice for $25,000. At the beginning of the month the company had $2,000 of trees for planting. During the month the company purchased $2,000 more, and at the end of the month it was left with trees that had cost $1,000. The company's expenses were $1,000 in rent for its office and $3,000 in other expenses. Amortization on the truck and office equipment was calculated to be $2.000. The income tax rate is 10%. Total expenses for the month of June were _______________

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 1PA: For each of the following situations write the principle, assumption, or concept that justifies or...

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