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How much net income would Parri report for July

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Reference no: EM133034559

Problem - Parri Corp. has following transactions during July:

a. Common stock of $4,000 was issued to a stockholder in exchange for equipment.

b. Provided services of $9,000. Received $7,150 and billed client for the rest.

c. Performed $6,400 of services which had been previously paid for by client in June.

d. Received July's electric bill of $800; will pay in August.

e. Traded $2,000 of inventory for printing equipment.

f. Paid $6,000 covering the next six months of rent (July - December).

Required - How much net income would Parri report for July under the ACCRUAL basis?

Reference no: EM133034559

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