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During the month of Marc, Weimar World, a tax-preparation service, had the following transactions: Billed...

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Accounting

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During the month of Marc, Weimar World, a tax-preparation service, had the following transactions: Billed $400,000 in revenues on credit; Received $250,000 from customers' accounts receivable; Incurred expenses of $160,000 but only paid $70,000 cash for these expenses; Prepaid $20,000 for computer services to be used next month. What was the company's accrual basis net income for the month? Select one: O a. $180,000 O b. $240,000 O c. $220,000 O d. None of these are correct. O e. $160,000 7

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