Given the Data Below for a Firm in Its First

question 151

Multiple Choice

Given the data below for a firm in its first year of operation, determine net income under the cash basis of accounting. $\begin{array}{lr}\text { Cash received from customers } & \$ 48,000 \\\text { Accounts receivable } & 12,000 \\\text { Cash paid for expenses } & 26,000 \\\text { Accounts payable (related to expenses) } & 3,000 \\\text { Prepaid rent for next period } & 7,000\end{array}$

• A) $22,000
• B) $31,000
• C) $24,000
• D) $15,000

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