Hensley Painting Company Painted Four Houses in June at $500

question 168

Short Answer

Hensley Painting Company painted four houses in June at $500 each.At the end of June, three homeowners had paid Hensley cash for the jobs.Under the accrual basis, what amounts will be reported on the income statement and the statement of cash flows for June? ​ $$\begin{array}{l}&\text {Income Statement }&\text { Statement of Cash Flows}\\\hline a.&(\$2,000)&(\$2,000)\\b.&(\$2,000)&(\$1,500)\\c.&(\$1,500)&(\$1,500)\\d.&(\$500)&(\$500)\\\end{array}$$

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Definitions:

John C. Calhoun

An American statesman and political theorist from South Carolina, known for his strong defense of slavery and advocating for the rights of states.

Constitution

A collection of key principles or prevailing standards that guide the governance of a state or any other institution.

States' Rights

The political powers reserved for U.S. states as part of the federal balance of power, underscoring the limits of the federal government's authority.

Sectional Differences

Refers to the distinct socioeconomic, political, and cultural contrasts between different regions, particularly between the North and South of the United States, which were a major factor leading to the Civil War.