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Why do report a profit of only for the month

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Reference no: EM132772534

Problem 1: You work as an accountant for a retailing business. How would you respond to the owner's question after he reviews the monthly income statement prepared by you: 'Why do you report a profit of only $20,000 for the month, when $80,000 cash were received from customers and $30,000 cash were paid for expenses during the month?'

Reference no: EM132772534

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